<SEC-DOCUMENT>0001292814-17-003424.txt : 20171226
<SEC-HEADER>0001292814-17-003424.hdr.sgml : 20171225
<ACCEPTANCE-DATETIME>20171222195836
ACCESSION NUMBER:		0001292814-17-003424
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		37
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20171226
DATE AS OF CHANGE:		20171222

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		171273496

	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>20-F
<SEQUENCE>1
<FILENAME>sidform20_f.htm
<DESCRIPTION>SIDFORM20_F
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">As filed with the Securities and Exchange Commission on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Decembe</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">r </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">2<FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">, 2017.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: normal" face="times new roman">UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: normal" face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: normal" face="times new roman">FORM&nbsp;20-F</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#61489;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">REGISTRATION STATEMENT&nbsp;PURSUANT TO SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">OR</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

<TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For the fiscal year ended December&nbsp;31, 2016</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">OR</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#61489;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">OR</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#61489;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Commission File Number&nbsp;1-14732</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NATIONAL STEEL COMPANY</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Translation of Registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">THE FEDERATIVE REPUBLIC OF BRAZIL</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Jurisdiction of incorporation or organization)</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Marcelo Cunha Ribeiro</FONT>,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chief Financial&nbsp;</FONT>Officer<BR>Phone: +55 11 3049-7<FONT style="FONT-SIZE: 10pt" face="Times New Roman">454</FONT> Fax: +55 11 3049-7212</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">marcelo</FONT>.ribeiro@csn.com.br</FONT><BR><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Av. </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brigadeiro Faria Lima, 3400 &#8211; 20<SUP>th</SUP> floor<BR>04538-132, S&#227;o Paulo-SP, Brazil</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Address of principal executive offices)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act.</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title of each class</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name of each exchange on which registered</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Common Shares without par value</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New York Stock Exchange*</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">American Depositary Shares, (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="47%">

   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">____________________</FONT></P>

<P style="MARGIN: 0cm 0cm 4pt 18pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">* Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None</FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the period covered by the annual report:</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Common Shares, without par value.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,387,524,047 common shares. For further information, see &#8220;Item&nbsp;7A. Major Shareholders,&#8221; &#8220;Item&nbsp;9A. Offer and Listing Details&#8221; and &#8220;Item&nbsp;10B. Memorandum and Articles of Association.&#8221;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><STRONG>&nbsp;Yes&nbsp;&nbsp;</STRONG><FONT size=3 face="Wingdings 2">R</FONT><STRONG>No</STRONG></FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#61472; Yes </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">No</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Yes&#61472;No</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 9pt 5pt 0cm; TEXT-INDENT: 0.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&#61472;Yes &nbsp;&#61472;No</FONT></B></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Large Accelerated Filer </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; Accelerated Filer &#61472;&nbsp;&nbsp;&nbsp;Non-accelerated Filer &#61489;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. GAAP &#61489;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT></B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other &#61489;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 17 &#61489;Item 18 &#61489;&nbsp;&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#61489; Yes &nbsp;</FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="wingdings 2">R</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;No</FONT></B></P></DIV>

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   <TD colSpan=2 align=center><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">TABLE OF CONTENTS</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">INTRODUCTION</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">FORWARD-LOOKING STATEMENTS</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif"><FONT size=2 face="Times New Roman">6</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 1. Identity of Directors, Senior Management and Advisors</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 2. Offer Statistics and Expected Timetable</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 3. Key Information</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">3A. Selected Financial Data</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">3B. Capitalization and Indebtedness</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif"><FONT size=2 face="Times New Roman">10</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">3C. Reasons for the Offer and Use of Proceeds</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif"><FONT size=2 face="Times New Roman">10</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">3D. Risk Factors</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 4. Information on the Company</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">2<FONT size=2 face="Times New Roman">5</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">4A. History and Development of the Company</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">2<FONT size=2 face="Times New Roman">5</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">4B. Business Overview</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">27</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">4C. Organizational Structure</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">65</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">4D. Property, Plant and Equipment</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">65</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">4E. Unresolved Staff Comments</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">70</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 5. Operating and Financial Review and Prospects</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">7<FONT size=2 face="Times New Roman">0</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5A. Operating Results</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">71</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5B. Liquidity and Capital Resources</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9<FONT size=2 face="Times New Roman">8</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5C. Research &amp; Development and Innovation</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10<FONT size=2 face="Times New Roman">4</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5D. Trend Information</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">105</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5E. Off-Balance Sheet Arrangements</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">106</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5F. Tabular Disclosure of Contractual Obligations</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">110</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">5G. Safe Harbor</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">110</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 6. Directors, Senior Management and Employees</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">110</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6A. Directors and Senior Management</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">110</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6B. Compensation</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">114</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6C. Board Practices</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">114</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6D. Employees</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">114</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">6E. Share Ownership</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">115</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 7. Major Shareholders and Related Party Transactions</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">115</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">7A. Major Shareholders</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">115</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">7B. Related Party Transactions</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">115</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 8. Financial Information</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">116</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">8A. Consolidated Statements and Other Financial Information</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">116</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">8B. Significant Changes</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">123</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 9. The Offer and Listing</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">12<FONT size=2 face="Times New Roman">3</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9A. Offer and Listing Details</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">123</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9B. Plan of Distribution</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">125</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9C. Regulation of Securities Markets</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">125</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9D. Selling Shareholders</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">127</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9E. Dilution</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">127</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">9F. Expenses of the Issuer</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">127</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 10. Additional Information</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">127</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10A. Share Capital</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">127</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10B. Memorandum and Articles of Association</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">128</FONT></B>&nbsp;</TD></TR></TABLE>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10C. Material Contracts</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">131</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10D. Exchange Controls</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">131</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10E. Taxation</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">132</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10F. Dividends and Paying Agents</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">140</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10G. Statement by Experts</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">140</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10H. Documents on Display</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">141</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">10I. Subsidiary Information</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">141</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 11. Quantitative and Qualitative Disclosures About Market Risk</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">141</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 12. Description of Securities Other Than Equity Securities</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">148</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 13. Defaults, Dividend Arrearages and Delinquencies</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">14<FONT size=2 face="Times New Roman">8</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 14. Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">148</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 15. Controls and Procedures</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">149</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 16. [Reserved]</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">150</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16A. Audit Committee Financial Expert</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">150</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16B. Code of Ethics</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">150</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16C. Principal Accountant Fees and Services</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">151</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16D. Exemptions from the Listing Standards for Audit Committees</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">151</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">151</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16F. Change in Registrant&#8217;s </FONT></B><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Certifying Accountant</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">152</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16G. Corporate Governance</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">153</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 11.039pt" align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">16H. Mine Safety Disclosure</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">155</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 17. Financial Statements</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">15<FONT size=2 face="Times New Roman">5</FONT></FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 18. Financial Statements</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">155</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 19. Exhibits</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">155</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">PART II</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">149</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">PART III</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">155</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman">Introduction</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Unless otherwise specified, all references in this annual report to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;CSN&#8221; are to Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Brazilian government&#8221; are to the federal government of the Federative Republic of Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">,&#8221; &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8221; or &#8220;R$&#8221; are to Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, the official currency of Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;U.S. dollars,&#8221; &#8220;$,&#8221; &#8220;U.S.$&#8221; or &#8220;USD&#8221; are to United States dollars; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;billions&#8221; are to thousands of millions, &#8220;km&#8221; are to kilometers, &#8220;m&#8221; are to meters, &#8220;mt&#8221; or &#8220;tons&#8221; are to metric tons, &#8220;mtpy&#8221; are to metric tons per year and &#8220;MW&#8221; are to megawatts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;TEUs&#8221; are to twenty-foot equivalent units;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;consolidated financial statements&#8221; are to the consolidated financial statements of Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, as of December&nbsp;31, 2014, 2015 and 2016 and for the years ended December&nbsp;31, 2014 and 2015 and 2016 together with the corresponding Reports of our Independent Registered Public Accounting Firm;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&#8220;ADSs&#8221; are to CSN&#8217;s American Depositary Shares and &#8220;ADRs&#8221; are to CSN&#8217;s American Depositary Receipts; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Brazil&#8221; is to the Federative Republic of Brazil.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;<A name="_Toc384635043"></A></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman">Forward-Looking Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This annual report includes forward-looking statements, within the meaning of Section&nbsp;27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, principally under the captions &#8220;Item 3. Key Information,&#8221; &#8220;Item 4. Information on the Company,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221; We have based these forward-looking statements largely on our current expectations and projections about future events, industry and financial trends affecting our business. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">general economic, political and business conditions in Brazil and abroad, especially in China, which is the largest world steel producer and main consumer of our iron ore;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">demand for and prices of steel and mining products;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the effects of the global financial markets and economic slowdowns; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">changes in competitive conditions and in the general level of demand and supply for our products;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our liquidity position and leverage;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">management&#8217;s expectations and estimates concerning our future financial performance and financing plans;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our level of debt and our ability to obtain financing on satisfactory terms;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">availability and price of raw materials;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">changes in international trade or international trade regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">protectionist measures imposed by Brazil and other countries;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our capital expenditure plans;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">inflation, interest rate levels and fluctuations in foreign exchange rates;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our ability to develop and deliver our products on a timely basis;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">lack of infrastructure in Brazil;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">electricity and natural gas shortages and government
responses to them;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">existing and future governmental regulation;
and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">other risk factors as set forth under &#8220;Item 3D. Risk
Factors.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221;
&#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;expect&#8221; and similar
words are intended to identify forward-looking statements. Forward-looking
statements speak only as of the date they were made, and we undertake no
obligation to publicly update or to revise any forward-looking statements after
we distribute this annual report because of new information, future events or
other factors. In light of the risks and uncertainties described above, the
forward-looking events and circumstances discussed in this annual report might
not occur and are not an indication of future performance. As a result of
various factors, such as those risks described in &#8220;Item 3D. Risk Factors,&#8221; undue
reliance should not be placed on these forward-looking
statements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: center; MARGIN: 0cm 0cm 0pt" align=center><A name=_Toc384635044></A><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman">Presentation of Financial and Other
Information</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our consolidated
financial statements as of December&nbsp;31, 2016 and 2015 and for the years
ended December&nbsp;31, 2016, 2015 and 2014 contained in &#8220;Item 18. Financial
Statements&#8221; have been presented in thousands of&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(R$)&nbsp;and prepared
in accordance with IFRS as&nbsp;issued by IASB. See Note 2(a) to our
consolidated financial statements.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certain figures
included in this annual report have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an arithmetic
aggregation of the figures, which precede them.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">PART I</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635045></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 1.
Identity of Directors, Senior Management and Advisors</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635046></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 2.
Offer Statistics and Expected Timetable</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not
applicable.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635047></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 3. Key
Information</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635048></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3A. Selected
Financial Data</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We present in this section the summary financial and
operating data derived from our audited consolidated financial statements as of
and for the year ended December&nbsp;31, 2016, 2015, 2014, 2013 and
2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The consolidated financial statements included in this
annual report have been prepared in accordance with IFRS, as issued by the IASB,
presented in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. However,
we have translated some of the Brazilian</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">amounts
contained in this annual report into U.S. dollars for the convenience of readers
outside of Brazil. The rate used to translate such amounts in respect of the
year ended December&nbsp;31, 2016, was R$3.259 to US$1.00, which was the
commercial rate for the purchase of U.S. dollars in effect as of
December&nbsp;31, 2016, as reported by the Central Bank of Brazil, or the
Central Bank. The U.S. dollar equivalent information presented in this annual
report is provided solely for the convenience of investors and should not be
construed as implying that the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">amounts
represent, or could have been or could be converted into, U.S. dollars at such
rates or at any other rate. See &#8220;Exchange Rates&#8221; for more detailed information
regarding the translation of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">into U.S.
dollars.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
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<a name="_bclPageBorder7"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Summary Financial and Operating Data</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following tables present summary historical consolidated financial and operating data for us for each of the periods indicated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;We have applied, beginning January 1, 2013, IFRS 10 - Consolidated Financial Statements, which establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more entities, and IFRS 11 - Joint Arrangements, which requires a new valuation of joint arrangements, focusing on the rights and obligations of the arrangement, instead of its legal form. The referred new standard provides additional transition relief, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. We applied this transition relief as described above with respect to the adoption of IFRS 10 and IFRS 11. The financial statements as of and for the year ended December 31, 2012, have been restated for the effects of the retroactive adoption of these new standards. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The consolidated financial statements for the year ended December 31, 2015 have been restated to reflect the outcomes of a detailed review of the business combination transaction that occurred on November 30, 2015, involving our mining and related logistics assets, as well as the outcomes of the in-depth review we performed of various components and transactions, including studies that support the recognition and maintenance of the amounts of long-lived assets, investments in subsidiaries and associates, goodwill, property, plant and equipment and tax credits. The reviews mentioned above resulted in material adjustments to the following items:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Business Combination </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">The Business Combination involving CSN Minera&#231;&#227;o and Namisa; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Adjustments to the participation of the non-controlling interest of CSN Minera&#231;&#227;o resulting from a change in the interpretation of the application of the IFRS 3 accounting pronouncement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Expected realization of income tax and social contribution deferred tax credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">For more information, see Note 2.a.a to our consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.8pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="82%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year Ended December 31,</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: #ffffff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Statement Data:</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2016&#185;</FONT></B></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2015&#178;</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Restated</FONT></B></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2013&#179;</FONT></B></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(in million of US$, except per share data)</FONT></I></P></TD>

   <TD style="BACKGROUND: white" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="68%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(in million of R$, except per share data)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net operating revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,262</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">17,149</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">15,262</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16,126</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">17,312</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">15,229</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of products sold</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3,878)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(12,640)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(11,740)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(11,592)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(12,423)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(11,259)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,384</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,509</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,522</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,534</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,889</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,970</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Selling&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(521)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,697)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,430)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,042)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(875)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(774)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;General and Administrative&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(159)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(518)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(470)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(438)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(486)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(468)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in results of affiliated companies</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">20</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">65</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,160</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">331</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">158</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">642</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></P></DIV>

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



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

&nbsp; <A name="page_8"></A>

<a name="_bclPageBorder8"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(330)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,077)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,341)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(657)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,134)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2,763)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other&nbsp; Income </FONT><SUP><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4 </FONT></SUP></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">203</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">663</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,610</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">90</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">567</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">111</FONT></P></TD></TR>

<TR style="HEIGHT: 14.3pt">

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><SUP><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4</FONT></SUP><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(787)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2,564)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,529</FONT></B></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,716)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,770)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.3pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3,252)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating income</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">596</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,945</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,051</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2,818</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,119</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">419</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non-operating income (expenses), net</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial Income </FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">197</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">644</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">488</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">172</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">171</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">391</FONT></P></TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(971)</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3,166)</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3,853)</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3,253)</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2,683)</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2,543)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Loss) Income Before Taxes </FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(178)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(577)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,686</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(263)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">608</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1433)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Tax </FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Current&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(63)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(206)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(136)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(528)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,291)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(322)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(18)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(60)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2,768)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">679</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,217</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,275</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Income (Loss)&nbsp;from continuing operations</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(259)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(843)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,218)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(112)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">534</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(480)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Income (Loss)&nbsp;from discontinued operations</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(10)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Income (Loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(262)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(853)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,215)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(112)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">534</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(480)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net income (loss)&nbsp;attributable to noncontrolling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">25</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">82</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(7)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">25</FONT></B></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(61)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 26.35pt">

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net income&nbsp;(loss) attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(287)</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(935)</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1,213)</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(105)</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">509</FONT></B></P></TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 26.35pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(419)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 12.8pt; BACKGROUND: white" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic earnings per common share</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">19287</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">62857</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">89597</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">07941</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">36626</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">32922</FONT>)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Diluted earnings per common share </FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">19287</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">62857</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">89597</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">07941</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">36626</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="2%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(0.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">32922</FONT>)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8</FONT></P></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_9></A>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="82%" colSpan=11>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of
      December 31,&nbsp;</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Balance Sheet Data:</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Restated</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2013</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2012</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(in
      millions of US$)</FONT></I></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%" colSpan=9 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(in
      million of R$)</FONT></I></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Current assets&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,819</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">12,445</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16,431</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">15,936</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16,403</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">19,099</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investments</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,402</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,568</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,998</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">13,665</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">13,487</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10,840</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Property, plant and equipment&#179;</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,565</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">18,136</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">17,826</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">15,624</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">14,911</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">18,520</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other
      assets&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2,763</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9,005</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9,084</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,542</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,602</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,825</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total
      assets</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">13,549</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">44,154</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">47,339</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">49,767</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">50,403</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">53,284</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Current liabilities&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,687</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,497</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,082</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6,363</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,564</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6,551</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non
      -current liabilities</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9,596</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">31,272</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">35,166</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">37,669</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">36,770</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">37,725</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stockholders&#8217; equity&nbsp;&#179;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2,266</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">7,385</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">7,091</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,735</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">8,069</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9,008</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total
      liabilities and stockholders&#8217; equity</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">13,549</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">44,154</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">47,339</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">49,767</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">50,403</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">53,284</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Paid-in capital (in millions of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">)</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,393</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,540</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,540</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,540</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,540</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4,540</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Common
      shares (quantities in millions of shares)</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,388</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,388</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,388</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,388</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,457</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,457</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dividends declared and interest on
      stockholders&#8217;&nbsp;equity (in millions of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">)</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">5</FONT></SUP></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">275</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">700</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">800</FONT></P></TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">300</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dividends declared and interest on
      stockholders&#8217;&nbsp;equity per common share (in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">)</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">5</FONT></SUP></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.20</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.50</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.55</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">0.21</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0cm 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">Translated for the convenience of the reader only at the
commercial selling rate at closing for the purchase of U.S. dollars, as reported
by the Brazilian Central Bank, as of December 31, 2016, of R$3.259 to
$US1.00.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">The results of our former subsidiary Cia. Metalic
Nordeste, or Metalic, were excluded from net operating revenues, cost of sales
and/or services, gross profit, operating expenses, other operating expenses,
other operating income, financial results and income taxes and were included in
&#8220;Net (loss) from discontinued operations&#8221; due to the sale of Metalic in November
2016. For further information, see &#8220;Item 4B. Business Overview&#8212; Downstream
Facilities&#8212;Metalic.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">In
2013, the financial information was substantially impacted by the
deconsolidation of Transnordestina Log&#237;stica S.A., which we began to recognize
under the equity accounting method, due to the partial spin-off and the entry
into effect of the new shareholders&#8217;agreement. For further information, see
&#8220;Other operating income (expenses)&#8221; included in &#8220;Item 5A. Operating
Results.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">The 2015 financial information was impacted by the
business combination of CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios) as described
in &#8220;Item 5A. Operating Results.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Dividends related to the fiscal year ended December 31,
2015 were paid in 2016 before the second restatetement of our financial
statements as of and for the year ended December 31, 2015. As a consequence of
the aforementioned second restatement, which resulted in a net loss for 2015, we
recorded the payment as a payment from our profit reserve account account
(statutory reserve of working capital) existing at the time of the distribution.
The payment was not allocated to to the minimum mandatory dividends for the year
ended December 31, 2015 as established at our 2016 annual shareholders&#8217; meeting,
held on April 28, 2016. For a discussion of our dividend policy and dividend and
interest payments, see &#8220;Item 8A. Consolidated Statements and Other Financial
Information&#8212;Dividend Policy.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian foreign exchange system allows the purchase
and sale of foreign currency and the international transfer of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">by any
person or legal entity, regardless of the amount, subject to certain regulatory
procedures. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The
Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">has
experienced frequent and substantial variations in relation to the U.S. dollar
and other foreign currencies during recent decades. The Central Bank has
intervened occasionally to mitigate volatility in foreign exchange rates.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We cannot predict whether the Central Bank or the
Brazilian government will continue to allow the Brazilian</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> to float
freely or will intervene in the exchange rate market through a currency band
system or otherwise. The Brazilian</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">may
depreciate or appreciate against the U.S. dollar substantially.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_10></A>
<a name="_bclPageBorder10"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following tables present the purchase rate, expressed
in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">per U.S.
dollar (R$/US$), for the periods indicated:</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;Year ended&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Low&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">High&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Average <SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Period-end&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">December&nbsp;31, 2012</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">1.702</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.112</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">1.955</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.044 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">December&nbsp;31, 2013</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">1.953</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.446</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.161</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.343 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">December&nbsp;31, 2014</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.197</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.740</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.355</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.656 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">December&nbsp;31, 2015</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2.575</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">4.195</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.338</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.905 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">December&nbsp;31, 2016</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.119</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">4.156</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.484</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.259 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Month
      ended&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Low</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">High</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Average</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Period-end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">January&nbsp;2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.127</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.273</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.197</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.127</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">February&nbsp;2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.051</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.148</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.104</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.099</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">March&nbsp;2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.077</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.174</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.128</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.168</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">April&nbsp;2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.092</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.198</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.136 </FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.198</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">May
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.092</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.381</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.210</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.244</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">June,
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;3.230</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.335</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.294</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.307</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">July,
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.125</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.318</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.210</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.130</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">August,
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.115</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.197</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.150</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.146</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">September, 2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.084</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.192</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.134</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.167</FONT></P></TD></TR>
  <TR style="HEIGHT: 8.2pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">October,
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.130</FONT></P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.279</FONT></P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.190</FONT></P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 8.2pt; BACKGROUND: #d0dbf0" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.276</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">November,
      2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.213</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.291</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.258</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">3.261</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt" vAlign=top colSpan=9>
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;Source: Central Bank.</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(1)&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top colSpan=8>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Represents the daily average of the close exchange
      rates during the period. </FONT></P></TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt">&nbsp;</TD></TR></TABLE></DIV>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We pay any cash dividends and make any other cash
distributions, if any, with respect to our common shares in Brazilian currency.
Accordingly, exchange rate fluctuations may affect the U.S. dollar amounts
received by ADS holders on conversion into U.S. dollars of such distributions
for payment by the depositary. Fluctuations in the exchange rate between the
Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and the U.S.
dollar may also affect the U.S. dollar equivalent of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">price of our
common shares on the S&#227;o Paulo Stock Exchange (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">B3 &#8211; Brasil,
Bolsa, Balc&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or the
B3.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3B. Capitalization and Indebtedness</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not required.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3C. Reasons for the Offer and Use of
Proceeds</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not required.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635049></A><A name=_Toc384635050></A><A name=_Toc384635051></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3D. Risk
Factors</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">An investment in our ADSs or common shares involves a
high degree of risk. You should carefully consider the risks described below
before making an investment decision. Our business, financial condition and
results of operations could be materially and adversely affected by any of these
risks. The trading price of our ADSs could decline due to any of these risks or
other factors, and you may lose all or part of your investment. The risks
described below are those that we currently believe may materially affect
us.</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Risks Relating to Brazil</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian government has exercised, and continues to
exercise, significant influence over the Brazilian economy. This involvement, as
well as Brazilian political and economic conditions, could adversely affect
us.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The
Brazilian government has frequently intervened in the Brazilian economy and
occasionally has made drastic changes in policy and regulations. See
&#8220;&#8212;Government efforts to combat inflation may </FONT><a name="page_11"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">hinder the growth of the Brazilian economy and could harm
us&#8221; and &#8220;Item 5A. Operating Results&#8212;Brazilian Macro-Economic Scenario&#8212;Effects of
Exchange Rate Fluctuations.&#8221; The Brazilian government&#8217;s actions to control
inflation and affect other policies and regulations have often involved, among
other measures, increases in interest rates, changes in tax policies, price
controls, currency exchange and remittance controls, devaluations, capital
controls and limits on imports. Our business, financial condition and results of
operations may be adversely affected by changes in policy or regulations at the
federal, state or municipal level involving or affecting factors such
as:</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_11></A>
<a name="_bclPageBorder11"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">interest rates;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">exchange controls;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">currency fluctuations;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">inflation;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">price volatility of raw materials and our final
products;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">lack of infrastructure in Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">energy and water supply shortages and rationing
programs;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">liquidity of the domestic capital and lending
markets;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">regulatory policy for the mining, steel, cement, logistic
and energy industries;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">environmental policies and regulations;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">tax policies and regulations, including frequent changes
in tax regulations that may result in uncertainties as to future taxation;
and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">other political, social and economic developments in or
affecting Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Uncertainty over
whether the Brazilian government will implement changes in policy or regulation
affecting these or other factors may contribute to economic uncertainty in
Brazil and to heightened volatility in the Brazilian securities markets and
securities issued abroad by Brazilian companies. These and other developments in
the Brazilian economy and governmental policies may adversely affect us and our
business and results of operations and may adversely affect the trading price of
our common shares. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since 2014, Brazil&#8217;s economy has deteriorated. Only in
2017 has it shown initial signs of a slow recovery. The Gross Domestic Product,
or GDP, contraction rates were (3.6)% in 2016 and (3.8)% in 2015, and a slightly
growth of 0.1% in 2014. The Brazilian government projects the Brazilian GDP will
grow by 0.7% in 2017. Our results of operations and financial condition have
been, and will continue to be, affected by the growth rate of the Brazilian GDP.
We cannot assure you that the GDP will increase or remain stable. Developments
in the Brazilian economy may affect Brazil&#8217;s growth rates and, consequently, the
use of our products and services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Political instability may adversely affect our business
and results of operations and the price of our common shares and
ADSs.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Brazilian markets have been experiencing heightened
volatility due to the uncertainties derived from the ongoing </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Lava Jato</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
investigation, which is being conducted by the Federal Prosecutors&#8217; Office, and
its impact on the Brazilian economy and political environment. Numerous members
of the Brazilian government and of the legislative branch, as well as senior
officers of large state-owned and private companies have been convicted of
political corruption of officials accepting bribes by means of kickbacks on
contracts granted by the government to several infrastructure, oil and gas and
construction companies. Profits from these kickbacks financed the political
campaigns of political parties that were unaccounted for or not publicly
disclosed, and served to further the personal enrichment of the recipients of
the bribery scheme. As a result, a number of senior politicians, including
congressmen and officers of the major state-owned and private companies in
Brazil, resigned or have been arrested.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The ultimate outcome of these investigations is
uncertain, but they have already had an adverse impact on the image and
reputation of the implicated companies, and on the general market perception of
the Brazilian economy. The development of those unethical conduct cases has and
may continue to adversely affect our business, financial condition and results
of operations and the trading price of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our common
shares and ADSs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">11</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition, the Brazilian economy continues to be
subject to the effects of the impeachment of President Dilma Rousseff on
August&nbsp;31, 2016. Vice-President Michel Temer was sworn in as the new
President of Brazil until the next presidential election in&nbsp;2018. Political
uncertainty has remained since Mr. Temer, who is himself the subject of
allegations of misconduct, took office. We cannot predict the effects of these
recent developments and the current ongoing political uncertainties on the
Brazilian economy.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exchange rate instability may adversely affect us and the
market price of our common shares and ADSs.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian currency has, during the last decades,
experienced frequent and substantial variations in relation to the U.S. dollar
and other foreign currencies. For example, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was valued
at R$1.67 per US$1.00 in August 2008. Following the onset of the crisis in the
global financial markets, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> depreciated
31.9% against the U.S. dollar and reached R$2.34 per US$1.00 at the end of 2008.
At the end of 2010, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> appreciated
against the U.S. dollar, reaching R$1.661 per US$1.00. Since 2011, the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> depreciated
against the U.S. dollar, reaching R$3.905 per US$1.00 at the end of 2015 with a
47.0% devaluation in 2015. In 2016, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> appreciated
against the U.S. dollar, reaching R$3.2591 per US$1.00 at December 31, 2016. On
November 30, 2017 the exchange rate was R$3.2681 per US$1.00. There can be no
assurance that the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> will not
depreciate further against the U.S. dollar.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against the
U.S. dollar creates inflationary pressures in Brazil and causes increases in
interest rates, which negatively affects the growth of the Brazilian economy as
a whole, curtails access to foreign financial markets and may prompt government
intervention, including recessionary governmental policies. Depreciation of the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against the
U.S. dollar has also, as in the context of an economic slowdown, led to
decreased consumer spending, deflationary pressures and reduced growth of the
economy as a whole.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On the other hand, appreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> relative to
the U.S. dollar and other foreign currencies could lead to a deterioration of
the Brazilian foreign exchange current accounts, as well as dampen export-driven
growth. Depending on the circumstances, either depreciation or appreciation of
the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> could
materially and adversely affect the growth of the Brazilian economy and us, as
well as impact the U.S. dollar value of distributions and dividends on and the
U.S. dollar equivalent of the market price of our common shares and
ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the event the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> depreciates
in relation to the U.S. dollar, the cost in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> of our
foreign currency-denominated borrowings and imports of raw materials,
particularly coal and coke, will increase. On the other hand, if the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">appreciates
in relation to the U.S. dollar, it will cause </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated
production costs to increase as a percentage of total production costs and cause
our exports to be less competitive.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a total U.S. dollar-denominated or -linked
indebtedness of R$14,607 million or 48% of our total indebtedness, as of
December 31, 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Government efforts to combat inflation may hinder the
growth of the Brazilian economy and could harm us.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Historically, Brazil has experienced high inflation
rates. Inflation and certain actions taken by the Central Bank to curb it have
had significant negative effects on the Brazilian economy. After the
implementation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plano
Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> in 1994, the annual rate of inflation in Brazil
decreased significantly, as measured by the National Broad Consumer Price Index
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#205;ndice Nacional de Pre&#231;os ao Consumidor
Amplo)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or IPCA. Since 2014, and especially in the year 2015,
Brazil has again experienced high rates of inflation, although the index of
inflation for 2016 has decreased compared to 2015. Inflation measured by the
IPCA index was 6.4%, 10.7% and 6.3% in 2014, 2015 and 2016, respectively. In
2017, analysts expect the inflation rate to converge towards the target of 3.0%
established by the Central Bank of Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Inflation and the Brazilian government&#8217;s measures to
fight it, principally the Central Bank monetary policy, have had and may have
significant effects on the Brazilian economy and us. Tight monetary policies
with high interest rates have restricted and may restrict Brazil&#8217;s growth and
the availability of credit. Conversely, more lenient government and Central Bank
policies and interest rate decreases have triggered and may trigger increases in
inflation, and, consequently, growth volatility and the need for sudden and
significant interest rate increases, which could negatively affect Brazilian
economic growth and us. In addition, we may not be able to adjust the price of
our products in the foreign markets to offset the effects of inflation in Brazil
on our cost structure, given that most of our costs are incurred in
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. </FONT><a name="page_13"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian government has introduced policies aimed at
reducing inflationary pressures, which could have the effect of reducing the
overall performance of the Brazilian economy.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">12</FONT></P></DIV>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Developments and the perception of risk in other
countries, especially other emerging market countries, may adversely affect the
trading price of Brazilian securities, including our common shares and
ADSs.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The market value of securities of Brazilian companies is
affected to varying degrees by economic and market conditions in other
countries, especially other emerging market countries. Although economic
conditions in these countries may differ significantly from economic conditions
in Brazil, investors&#8217; reactions to developments in these other countries may
have an adverse effect on the market value of securities of Brazilian issuers.
Crisis in, or economic policies of, other countries may diminish investor
interest in securities of Brazilian issuers, including ours. This could
adversely affect the trading price of our common shares and/or ADSs, and could
also make it more difficult for us to gain access to the capital markets and
finance our operations on acceptable terms, or at all.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Recently,
heightened volatility in the Brazilian market was due to, among other factors,
uncertainty as to the implication of U.S.&nbsp;elections, U.S.&nbsp;monetary
policy and Great Britain&#8217;s exit from the European Union on international
financial markets, increased aversion to risk in emerging countries, and
uncertainties regarding macroeconomic and political conditions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Risks Relating to Us and the Industries in Which We
Operate</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We are exposed to substantial changes in the demand for
steel and iron ore, which has a substantial impact in the prices of our products
and may adversely affect our results of operations.</FONT></I></B></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13</FONT></P></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_14></A>
<a name="_bclPageBorder14"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The steel and mining industries are highly cyclical, both
in Brazil and abroad. The demand for steel and mining products and, thus, the
financial condition and results of operations of companies in the steel and
mining industries, including us, are generally affected by macroeconomic
fluctuations in the world economy and the economies of steel-producing
countries, including trends in the automotive, construction, home appliances and
packaging industries, as well as other industries which rely on steel
distributors.&nbsp; A worldwide recession, an extended period of below-trend
growth in developed countries or a slowdown in the emerging markets that are
large consumers of our products (such as the domestic Brazilian market for our
steel products and the Chinese market for iron ore) could sharply reduce demand
for our products. In addition, flat steel competes with other materials that may
be used as substitutes, such as aluminum (particularly in the automotive and
packaging industry), cement, composites, glass, plastic and wood. Government
regulatory initiatives mandating the use of such materials in lieu of steel,
whether for environmental or other reasons, as well as the development of other
new substitutes for steel products, could also significantly reduce market
prices and demand for steel products and thereby reduce our cash flow and
profitability. Any material decrease in demand or increase in supply for steel
and iron ore in the domestic or export markets served by us could have a
material adverse effect on us. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prices charged for iron ore are subject to volatility.
International iron ore prices may decrease significantly and have a negative
impact on our revenues, cash flow, profitability, as well as result in a need to
change the way we operate or in the suspension of certain of our projects and
operations.</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our iron ore prices are based on a variety of pricing
terms, which generally use market price indices as a basis for determining the
customer price. Our prices and revenues for iron ore are consequently volatile,
which may adversely affect our results of operations and cash flow. In 2016,
average iron ore prices increased 5.3% to US$58.4/dmt, from US$55.5/dmt in 2015.
In 2015, average iron ore prices decreased 42.6% to US$55.5/dmt from US$96.7/dmt
in 2014, according to the average Platts IODEX (62% Fe CFR China). On September
29, 2017, the index stood at US$61.35/dmt. As a result, revenues from our mining
business decreased from 25% of our total net revenues in 2014 to 21% in 2015,
and increased to 27% in 2016. A potential decrease in the market prices for iron
ore may result in a need to change the way we operate or, depending on the level
of price decreases, even in the suspension of certain of our projects and
operations and impairment of assets, which could adversely affect our financial
position and results of operations.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Adverse economic conditions in China and an increase in
global iron ore production capacity could have a negative impact on our
revenues, cash flow and profitability.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">China has been the main driver of global demand for
minerals and metals over the past years, effectively driving global prices for
iron ore and steel. In 2016, China accounted for 72% of the global seaborne iron
ore trade. The percentage of our iron ore sales volume consumed in China was
around 60% in 2016. China is also the largest world steel producer, accounting
for approximately 50% of the global steel production.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A
contraction of China&#8217;s economic growth could result in lower global demand for
iron ore and steel and increase the global steel industry&#8217;s over-capacity,
leading to lower revenues, cash flow and profitability. Poor performance in the
Chinese real estate sector and low investments in infrastructure, two of the
largest markets for carbon steel in China, could also negatively impact our
results. China&#8217;s GDP increased 6.7% in 2016 compared to 6.9% in 2015, 7.3% in
2014 and 7.7% in 2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, the ramp-up of projects started in past
years by major iron ore suppliers could affect seaborne iron ore prices and have
a negative impact on our revenues. In addition, the recent upsurge of iron ore
prices could also stimulate high cost producers to resume operations, expanding
our supply base, which may negatively affect us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may not be able to adjust our mining production volume
in a timely or cost-efficient manner in response to changes in
demand.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Revenues from our mining business represented 25%, 21%
and 27% of our total net revenues in 2014, 2015 and 2016, respectively.
Operating at significant idle capacity during periods of weak demand may expose
us to higher unit production costs since a significant portion of our cost
structure is fixed in the short-term due to the high capital intensity of mining
operations. In addition, efforts to reduce costs during periods of weak demand
could be limited by labor regulations or existing labor or government
agreements.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">14</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Conversely, our ability to rapidly increase production
capacity is limited, which could render us unable to fully satisfy demand for
our iron ore. When demand exceeds our production capacity, we may meet excess
customer demand by purchasing iron ore from unrelated parties and reselling it,
which would increase our costs and narrow our operating margins. If we are
unable to satisfy excess customer demand in this way, we may lose customers. In
addition, operating close to full capacity may expose us to higher costs,
including demurrage fees due to capacity restraints in our logistics
systems.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The availability and the price of raw materials that we
need to produce steel, particularly coal and coke, may adversely affect our
results of operations.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, raw material costs accounted for 50.3% of our
total steel production costs. Our main raw materials include iron ore, coal,
coke, limestone, dolomite, manganese, zinc, tin and aluminum. We depend on third
parties for some of our raw material requirements, including importing all of
the coal required to produce coke and approximately</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">49% of our coke requirements. In addition, we require
significant amounts of energy, in the form of natural gas and electricity, to
power our plants and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any prolonged interruption in the supply of raw
materials, natural gas, or electricity, or substantial increases in their
prices, could materially and adversely affect us. These interruptions and price
increases may be a result of changes in laws or trade regulations, the
availability and cost of transportation, suppliers&#8217; allocations to other
purchasers, interruptions in production by suppliers and/or accidents or similar
events on suppliers&#8217; premises or along the supply chain. Our inability to pass
those cost increases on to our customers or to meet our customers&#8217; demands
because of non-availability of key raw materials could also have a material and
adverse effect on us. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our steel products face significant competition,
including price competition, from other domestic or foreign producers, which may
adversely affect our profitability and market share.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The global steel industry is highly competitive with
respect to price, product quality and customer service, as well as technological
advances that enable steel companies to reduce their production costs. Brazil&#8217;s
export of steel products is influenced by several factors, including the
protectionist policies of other countries, especially those of the United
States, disputes regarding these policies before the WTO (World Trade
Organization), the Brazilian government&#8217;s exchange rate policy and the growth
rate of the world economy. Further, continuous advances in materials sciences
and resulting technologies have given rise to improvements in products such as
plastics, aluminum, ceramics and glass that permit them to substitute steel. Due
to high start-up costs, the economics of operating a steelworks facility on a
continuous basis may encourage mill operators to maintain high levels of output,
even in times of low demand, which increases the pressure on industry profit
margins. In addition, downward pressure on steel prices by our competitors may
affect our profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The steel industry has historically suffered from
structural over-capacity which has worsened due to a substantial increase in
production capacity in the developing world and particularly in China and India,
as well as other emerging markets. China is now, by far, the largest global
steel producer and, in addition, Chinese and certain steel exporting countries
have favorable conditions (excess steel capacity, undervalued currency or higher
market prices for steel in markets outside of such countries), which can have a
significant impact on steel prices in other markets. If we are not able to
remain competitive in relation to China or other steel-producing countries, our
results may be adversely affected.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since 2010, steel companies in Brazil have faced strong
competition from imported products, mainly as a result of the global excess in
steel production, reduction in demand for steel products in mature markets,
exchange rate appreciation and tax incentives in some of the main exporting
countries. Despite Brazilian import duties to protect domestic producers, a
substantial volume of steel products is still being imported. If the Brazilian
Government does not act against subsidized steel imports and there is an
increase in imports, our results of operations may be materially and adversely
affected. Apart from direct steel imports, the Brazilian industry has also been
facing competition from imported finished goods, which affects the whole steel
chain.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Protectionist and other measures adopted by foreign
governments could adversely affect our export sales.</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In response to the increased production and export of
steel by many countries, anti-dumping and countervailing duty and safeguard
measures were imposed in the late 1990s and early 2000s by foreign governments
representing the main markets for our exports. In 2015, the U.S. authorities
initiated anti-dumping and countervailing duty investigations on hot-rolled and
cold-rolled steel sheets and coils imported from Brazil and other countries. In
2016, the European Commission initiated an anti-dumping investigation of hot
rolled sheets and coils imported from Brazil and other countries. The imposition
of these and other protectionist measures by foreign countries may materially
and adversely affect our export sales.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our activities depend on authorizations, concessions,
permits and licenses. Changes of laws and regulations and government measures
could adversely affect us.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our activities and the activities of our subsidiaries and
joint ventures are subject to governmental authorizations, concessions, licenses
or permits, which include environmental licenses for our infrastructure projects
and concessions, including for the port terminals we operate and the railways in
which we have an equity interest. Although we believe that such authorizations,
concessions, licenses and permits will be granted and/or renewed as and when
requested, we cannot guarantee that we will be able to maintain, renew or obtain
any required authorization, concession, license or permit, as well as that no
additional requirement will be imposed in connection with such request.
Authorizations, concessions, licenses or permits required for the development of
our activities may require that we meet certain performance thresholds or
completion milestones. In case we are unable to meet these thresholds or
milestones, we may lose or not be able to obtain or renew such authorizations,
concessions, licenses or permits, or under the terms of the new concession laws,
claims for the amicable contractual termination and the subsequent re-bidding
for concessions. We also cannot guarantee that we, our controlled entities and
our joint ventures that hold concessions will timely comply with our/their
obligations under any relevant Concession Agreement or in Terms of Undertaking
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Termos de Ajustamento de Conduta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or TACs, entered into with governmental agencies. In
addition, we are exposed to supervision, penalties and fiscalization from the
government controlling bodies, as the Brazilian court of audit (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tribunal de Contas da Uni&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or TCU,
and regulatory agencies. A relevant breach of those obligations may result in
the loss or early termination of concessions, authorizations, permits and/or
licenses, the restriction of access to public financing for the concession or
the amortization of the public financing before a project begins to operate, the
acceleration or an event of default in indebtedness, related to the affected
concession, permit or license or not, as well as the imposition of penalties,
such as fines or the closure of facilities. In case of takeover or Concession
Agreement termination due government default, if we are entitled to any
indemnification from granting authorities for our investments in connection with
concessions, permits or licenses, this indemnification may be insufficient to
cover our costs, expenses or losses and may be paid long after the events
affecting our concessions, permits or licenses, if at all.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, if laws and regulations applicable to these
authorizations, concessions, permits or licenses change, modifications to our
technologies and operations could be required, and we may need to make
unexpected capital expenditures, and capital expenditures that we have already
made may not generate the returns we expected, if any. Especially concerning our
mining activities, new, more stringent environmental licensing requirements for
our project operations, specifically for our dams, could be imposed. As a
result, the amount and timing of future environmental and related expenditures
may vary substantially from those currently anticipated and we may encounter
delays in obtaining environmental or other operating licenses, or not be able to
obtain and/or renew an authorization, permit and/or license and, therefore, may
be exposed to civil responsabilities, administrative penalties, criminal
sanctions and closure orders for non-compliance with these regulations. These
events and additional costs may have a negative impact on our operations,
profitability and the return from our projects or even make certain projects
economically or otherwise unfeasible. For more information, see &#8220;&#8212;We are subject
to environmental, health and safety incidents. Additionally, current, new or
more stringent environmental, safety and health regulations imposed on us may
result in increased liabilities and capital expenditures.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our activities are also subject to governmental
regulation in the form of taxes, charges and royalties, which can have an
important financial impact on our operations. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In the countries where we are present, governments may
impose new taxes, raise existing taxes and royalty rates, reduce tax exemptions
and benefits or change the basis on which taxes are calculated in a manner that
is unfavorable to us. For example,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> the
Brazilian government charges us a royalty known as the Financial Compensation
for Exploiting Mineral Resources (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Compensa&#231;&#227;o
Financeira pela Explora&#231;&#227;o de Recursos Minerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or CFEM,
and a bill that proposes significant changes to the Mineral Code, including a
potential increase in </FONT><a name="page_17"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">royalties charged for our mining activities, is currently
under review by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">he Brazilian
Congress. For more information, see &#8220;Item 4B. Business Overview&#8212;Government
Regulation and Other Legal Matters&#8212;Brazil - Mining Regulation&#8212;Mineral Rights and
Ownership.&#8221;</FONT></P>
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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a high level of indebtedness that could make it
more difficult or expensive to refinance our maturing debt and /or incur new
debt.</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2016, our total debt outstanding
amounted to R$30,441 million, consisting of R$2,117 million of short-term debt
and R$28,324 million of long-term debt. See &#8220;Item 5B. Liquidity and Capital
Resources&#8221; and &#8220;Item 18. Financial Statements.&#8221; We had R$4,871 million of cash
and cash equivalents as of December 31, 2016. Our planned investments in all of
our business segments will require a significant amount of cash over the course
of 2017 and following years. See &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital
Expenditures&#8212;Planned Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The level of our indebtedness could affect our credit
rating and ability to obtain any necessary financing in the future and increase
our cost of borrowing. In addition, our level of indebtedness could make it more
difficult to refinance our existing indebtness and could make us more vulnerable
in the event of a continued downturn in our business. In these and other
circumstances, servicing our indebtedness may use a substantial portion of our
cash flow from operations, which could adversely affect our financial condition
and results of operations and make it more difficult for us to make payments of
dividends and other distributions to our shareholders, including the holders of
our ADSs, as well as to fund our operations, working capital and capital
expenditures necessary for the maintenance and expansion of our business
activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">There can be no assurance that we will be successful in
effecting the renegotiation of our debt.&nbsp; In the absence of obtaining
additional capital through asset sales, consensual restructuring of debt and or
similar measures, we may be unable to avoid defaults and, consequently,
cross-defaults.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may not be able to maintain adequate liquidity and our
cash flows from operations and available capital may not be sufficient to meet
our obligations.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;While our cash flows from operations and available
capital have been sufficient to meet our current operating expenses, contractual
obligations and debt service requirements to date, our liquidity, cash flows
from operations and available capital may be negatively impacted by the pricing
environment for our steel and iron ore products, the exchange rate environment
and the effects of continued negative economic conditions in Brazil. These
factors have materially and adversely impacted our liquidity and we expect this
trend to continue. Recent cost cutting measures implemented by us may not be
sufficient to offset these effects or improve our liquidity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have announced certain measures to improve our
liquidity and debt profile, including the potential sale of certain assets. In
addition, we are negotiating the extension of certain of our credit facilities
(for further information, see Item &#8220;5B. Liquidity and Capital Resources&#8221;). If we
are unable to successfully sell certain assets and/or extend their
amortizations, we may not be able to maintain adequate liquidity and our cash
flows from operations and available capital may not be sufficient to meet our
obligations. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We cannot assure you that our credit ratings will not be
lowered, suspended or withdrawn by the rating agencies.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Our credit ratings are
limited in scope, and do not address all material risks relating to an
investment in the notes, but rather reflect only the views of the rating
agencies at the time the ratings are issued. These ratings may affect the cost
and other terms upon which we are able to obtain funding and are subject to
change either due to factors specific to us, trends in the industries we
operate, or in credit and capital markets more generally. Our high level of
indebtedness and other factors have recently resulted in decreases in our credit
ratings. In 2016, Fitch Ratings, Moody&#8217;s and S&amp;P have decreased our credit
ratings from B+, B1 and BB-, respectively, to B-, Caa1 and CCC+, respectively,
as of the date of this annual report. As of October 31, 2017, our Fitch Ratings,
Moody&#8217;s and S&amp;P credit ratings were B-, Caa2- and CCC-, respectively. Credit
rating agencies regularly evaluate us and their ratings of our long-term debt
are based on a number of factors, including our financial strength. We cannot
assure that credit rating agencies will not downgrade our credit ratings any
further, or that such credit ratings will remain in effect </FONT>
<FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">for any given period of time or not be withdrawn entirely by the rating agencies, if, in the judgment of such rating agencies, circumstances so warrant. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In light of our current credit ratings and leverage ratio, our ability to obtain debt and equity financings has been materially weakened, which makes us more vulnerable to unexpected events or to the deterioration of our operating environment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any lowering, suspension or withdrawal of such ratings may have an adverse effect on us, our financial condition, results of operations and profitability, including our ability to refinance our existing indebtedness.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our indebtedness includes restrictive covenants, which may give rise to early maturity in the case of default, and there can be no assurance that we will be successful in effecting the renegotiation of our debt.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Our loan agreements contain certain covenants and disclosure obligations regarding our financial statements. In 2017, we were unable to publish our financial statements as of and for the year ended December 31, 2016 within the regulatory period. Therefore, we requested a waiver from the debentureholders of our 5th, 7th, 8th and 9th Debentures Issuances to grant us until October 31, 2017 to disclose our consolidated financial statements as of and for the year ended December 31, 2016.&nbsp; While we successfully met the October 31, 2017 deadline and are therefore not currently in default under any of our financings, we cannot assure you that we will be able to fully comply with all covenants in our financial agreements. For more information regarding the late filing of our consolidated financial statements as of and for the year ended December 31, 2016, see 13.b in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our governance and compliance procedures may fail to prevent regulatory penalties and reputational harm.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We operate in a global environment, and our activities straddle multiple jurisdictions and complex regulatory frameworks with increased enforcement activities worldwide. Our governance and compliance procedures may not prevent breaches of law, accounting and/or governance standards. We may be subject to breaches of our Code of Ethics, business conduct protocols and instances of fraudulent behavior and dishonesty by our employees, contractors or other agents. Our employees&#8217;, contractors&#8217; or other agents&#8217; failure to comply with applicable laws and other standards could subject us to fines, loss of operating licenses and reputational harm, as well as other penalties, which may materially and adversely affect us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may fail to maintain an effective system of internal controls, which could prevent us from timely and accurately reporting our financial results.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our internal controls over financial reporting may not prevent or detect misstatements in a timely manner due to inherent limitations, including human error, circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement new or improved required controls, our business and financial results could be harmed and we could fail to meet our financial reporting obligations. In this regard, and in connection with management&#8217;s evaluation of the effectiveness of our internal controls over financial reporting as of December 31, 2016, management determined that we did not maintain effective controls relates to our <FONT style="FONT-SIZE: 10pt" face="Times New Roman">monitoring process and </FONT>management review controls&nbsp;and that the ineffective controls constitutes a material weakness. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">While we are in the process of improving our internal controls, the material weakness will continue to exist until the remediation actions are fully implemented and tested. If we are unsuccessful in improving these controls or are otherwise unable to remediate this material weakness, our financial reporting may be disclosed in an untimely manner or with inaccuracies, which could negatively impact our business and financial results.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Some of our operations depend on joint ventures, jointly controlled entities, consortia and other forms of cooperation, and our business could be adversely affected if our partners fail to observe their commitments.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We currently operate parts of our business through joint ventures, strategic alliances and consortia with other companies. We have, among others: (i) established a strategic alliance in 2015 with an Asian consortium at our controlled investee CSN Minera&#231;&#227;o S.A., or CSN Minera&#231;&#227;o (formerly named Congonhas Min&#233;rios S.A.),&nbsp; to mine iron ore; (ii) a joint venture with other Brazilian steel and mining companies at MRS Log&#237;stica S.A., or MRS, to explore railway transportation in the Southeastern region of Brazil; (iii) a joint venture with certain Brazilian governmental entities at Transnordestina Log&#237;stica S.A., or TLSA, to explore railway transportation in the Northeastern region of Brazil; (iv) a joint venture with Tractebel Energia S.A. and Cia. de Cimento Itamb&#233; at It&#225; Energ&#233;tica S.A., or ITASA, to produce electricity; and (v) a consortium with Votorantim Metais Zinco S.A., Alian&#231;a Gera&#231;&#227;o de Energia S.A. (union of Vale S..A and CEMIG Gera&#231;&#227;o e Transmiss&#227;o S.A.) and AngloGold Ashant C&#243;rrego do S&#237;tio Minera&#231;&#227;o S.A. at Igarapava Hydroelectric Power Plant to produce electricity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our forecasts and plans for these strategic alliances, joint ventures and consortia assume that our partners will observe their obligations to make capital contributions, purchase products and, in some cases, provide managerial personnel or financing. In addition, many of the projects contemplated by our joint ventures or consortia rely on financing commitments, which contain certain preconditions for each disbursement. If any of our partners fails to observe their commitments or we fail to comply with all preconditions required under our financing commitments or other partnership arrangements, the affected joint venture, consortium or other project may not be able to operate in accordance with its business plans, or we may have to increase the level of our investment to implement these plans. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Accidents or malfunctioning equipment on our premises, railways or ports may decrease or interrupt production, internal logistics or distribution of our products and negatively impact our business. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The steel and iron ore production processes depend on certain critical equipment, such as blast furnaces, steel converters, continuous casting machines, rolling mills, drillers, reclaimers, conveyor belts, crushing and screening equipment and shiploaders, as well as on internal logistics and distribution channels, such as railways and seaports. This equipment and infrastructure may be affected in the case of malfunction or damage.&nbsp; Any significant interruptions in our production process, internal logistics or distribution channels (including our ports and railways) could materially and adversely affect us. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, our operations involve the use, handling, storage, discharge and disposal of hazardous substances into the environment. Our mining, steel and cement businesses are generally subject to significant risks and hazards, including fire, explosions, toxic gas leaks, spilling of polluting substances or other hazardous materials, rockfall incidents in mining operations and incidents involving mobile equipment or machinery. Such events could occur by accident or by breach of operating and maintenance standards, and could result in a significant environmental impact, damage to or destruction of our mineral properties and/or production facilities, personal injury or death, delays or suspensions in production, monetary losses and may be exposed to civil responsabilities, administrative penalties, criminal sanctions and closure orders for non-compliance with these regulations. We have health, safety and environmental standards and risk management programs and procedures in place to mitigate such risks, including in relation to our tailing dams. Notwithstanding our internal standards, policies and controls, our operations remain subject to incidents or accidents that could negatively and adversely affect our business reputation, results of operations and financial results. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our insurance policies may not be sufficient to cover all our losses. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We maintain several types of insurance policies, in line with the risk management of our businesses, which attempt to follow industry market practices for similar activities. Coverage in such policies encompasses domestic and international (import and export) cargo transportation (road, rail, sea or air), life insurance, personal accidents, health, auto insurance, D&amp;O, general liability, CAR (construction and erection risks), boiler and machinery coverage, trade credit insurance, surety, named perils, ports and terminal liabilities. </FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We also have an insurance policy covering the operational risks, material damages and loss of profits of our following branches and subsidiaries: Presidente Vargas Steelworks, CSN Minera&#231;&#227;o, Container Terminal Sepetiba TECON. This policy was negotiated with domestic and foreign insurers and reinsurers and is valid until March 31, 2019, with a limited indemnity of US$600 million (for an insured value of US$9.1 billion) with a deductible of US$385 million for material damages and 45 days to loss of profits. Under the terms of the policy, we remain responsible for the first tranche of US$385 million in losses (material damages and loss of profits). The coverage obtained in these insurance policies may not be sufficient to cover all risks we are exposed to. Additionally, we may not be able to successfully contract or renew our insurance policies in terms satisfactory to us. The occurrence of one or more of these events may adversely affect our financial position.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our projects are subject to risks that may result in increased costs and/or delays or that could prevent their successful implementation.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are investing to further increase our steel, mining and cement production capacity, as well as our logistics capabilities. See &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221; These projects are subject to a number of risks that may adversely affect our growth prospects and profitability, including the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 2cm; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">we may encounter delays, availability problems or higher than expected costs in obtaining the necessary equipment, services and materials to build and operate a project;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 2cm; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our efforts to develop projects according to schedule may be hampered by a lack of infrastructure, including availability of overburden and waste disposal areas as well as reliable power and water supplies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 2cm; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">we may fail to obtain, lose, or experience delays or higher than expected costs in obtaining or renewing the required permits, authorizations, licenses, concessions and/or regulatory approvals to build or continue a project; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">changes in market conditions, laws or regulations may make a project less profitable than expected or economically or otherwise unfeasible.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any one or a combination of the factors described above may materially and adversely affect us. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are subject to environmental, health and safety incidents. Additionally, current, new or more stringent environmental, safety and health regulations imposed on us may result in increased liabilities and capital expenditures.&nbsp; </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our steel making, mining, cement, energy and logistics facilities are subject to a broad range of laws, regulations and permit requirements in Brazil relating mainly to the protection of health, safety and the environment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazilian pollution standards are expected to continue to change, including the introduction of new effluent and air emission standards, water management and solid waste-handling regulations, wildlife maintenance regulations, restrictions on business expansions, native forest preservation requirements and the obligation to create privately owned conservation areas (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reserva Particular do Patrim&#244;nio Natural</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or RPPNs, as an environmental compensation for industrial and mining expansion projects. The Brazilian government has adopted a decree under the national policy for climate change (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pol&#237;tica Nacional de Mudan&#231;as Clim&#225;ticas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) that contemplates a 5% reduction in carbon emissions projected for 2020 for the industrial sector (including steel making and cement sectors) and an action plan for the sector is being developed by a technical committee composed of representatives from the government, industry associations and academia. The target reduction for the mining sector is yet to be established. In addition, the state of Rio de Janeiro, through its State Environmental Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Instituto Estadual do Ambiente</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or INEA, issued a law that requires steel making and cement facilities to present action plans to reduce greenhouse gas emissions when renewing or applying for operational licenses. In regard to air emission standards, the Environmental National Council, or CONAMA, issued a resolution that obliges steel companies to comply with certain restrictions until 2018.&nbsp;The Brazilian government has also established a national policy for solid waste (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pol&#237;tica Nacional de Res&#237;duos S&#243;lidos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), which provides for more strict guidelines for solid waste management and industry targets for reverse logistics as part of the environmental licensing process. Finally, a new regulatory framework for mining operations is currently being developed by the Department of Geology, Mining and Mineral Processing from the Ministry of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mines and Energy, which may impose stricter regulations on our mining operations, including requests for environmental recovery of areas and investments for the granting of mining concessions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our operations involve the use, handling, storage, discharge and disposal of hazardous substances into the environment and the use of natural resources, and are generally subject to significant risks and hazards, including fire, explosion, toxic gas leaks, spilling of polluting substances or other hazardous materials, rockfalls, incidents involving dams, failure of other operational structures and incidents involving mobile equipment, vehicles or machinery. This could occur by accident or by breach of operating and maintenance standards, and could result in a significant environmental and social impacts, damage to or destruction of mineral properties or production facilities, personal injury, illness or death of employees, contractors or community members close to operations, environmental damage, delays in production, monetary losses and possible legal liability. Additionally, in remote localities, our employees may be exposed to tropical and contagious diseases that may affect their health and safety. Notwithstanding our standards, policies and controls, our operations remain subject to incidents or accidents that could adversely affect our business, stakeholders or reputation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New or more stringent environmental, safety and health standards imposed on us could require us to make increased capital expenditures, create additional legal preservation areas in our properties, or make modifications in operating practices or projects.&nbsp; Especially with regard to our mining activities, new more stringent environmental, health and safety standards, including with respect to the licensing process of our projects operations, specifically for our dams, could be imposed. As a result, the amount and timing of future environmental and related expenditures may vary substantially from those currently anticipated. These additional costs may also have a negative impact on the profitability of the projects we intend to implement or may make such projects economically unfeasible. We could also be exposed to civil responsabilities, administrative penalties, criminal sanctions and closure orders for non-compliance with these regulations, as well as encounter delays in obtaining environmental or other operating licenses. Waste disposal and emission practices may result in the need for us to clean up or retrofit our facilities at substantial costs and/or could result in substantial liabilities. Environmental legislation restrictions imposed by foreign markets to which we export our products may also materially and adversely affect our export sales and us. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">In addition, we may be requested to enter into Terms of Undertaking (Termos de Ajustamento de Conduta), or TACs, with Brazilian regulators and agencies that require us to minimize or eliminate the risk of environmental impacts in the areas where we operate. If we are unable to comply with a TAC in a timely manner, we may be exposed to penalties, such as fines, revocation of permits, or closure of facilities. See &#8220;Item 4B. Government Regulation and Other Legal Matters&#8212;Environmental Expenditures and Claims and Item 8A. Financial Information&#8212;Consolidated Statements and Other Financial Information&#8212;Legal Proceedings.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Drilling and production risks could adversely affect the mining process.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Once mineral deposits are discovered, it can take a number of years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change.&nbsp; Substantial time and expenditures are required to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">establish mineral reserves through drilling; determine appropriate mining and metallurgical processes for optimizing the recovery of metal contained in ore;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">obtain environmental and other licenses;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">construct mining, processing facilities and infrastructure required for greenfield properties; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">obtain the ore or extract the minerals from the ore.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If a mining project proves not to be economically feasible by the time we are able to profit from it, we may incur substantial losses and be obliged to take write-offs.&nbsp; In addition, potential changes or complications involving metallurgical and other technological processes arising during the life of a project may result in delays and cost overruns that may render the project not economically feasible.</FONT></P>

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<P><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our mineral reserve estimates may materially differ from the mineral quantities that we may be able to actually recover; our estimates of mine life may prove inaccurate; market price fluctuations and changes in operating and capital costs may render certain ore reserves uneconomical to mine; and we may face rising extraction costs or investment requirements over time as our reserves deplete.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our reported ore reserves are estimated quantities of ore and minerals that we have determined can be economically mined and processed under present and anticipated conditions to extract their mineral content. There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future rates of mineral production, including many factors beyond our control. Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and engineering and geological interpretation and judgment. As a result, no assurance can be given that the indicated amount of ore will be recovered or that it will be recovered at the rates we anticipate. Estimates of different engineers may vary, and results of our mining production subsequent to the date of an estimate may lead to revision of estimates. Reserve estimates and estimates of mine life may require revision based on actual production experience and other factors. For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates or other factors may render proven and probable reserves uneconomic to exploit and may ultimately result in a restatement of reserves. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, reserves are gradually depleted in the ordinary course of our exploration activities. As mining progresses, distances to the primary crusher and to waste deposits becomes longer and pits become steeper. Also, for some types of reserves, mineralization grade decreases and hardness increases at increased depths. As a result, over time we may experience rising unit extraction costs with respect to each mine, or we may need to make additional investments, including adaptation or construction of processing plants and expansion or construction of tailing dams. Our exploration programs may also fail to result in the expansion or replacement of reserves depleted by current production. If we do not enhance existing reserves or develop new operations, we may not be able to sustain our current level of production beyond the remaining lives of our existing mines. See &#8220;Item 4B&#8212;Business Overview&#8212;Our Mining Segment&#8212;Mineral Reserves .&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Natural and other disasters could disrupt our operations</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our business and operating results could be negatively impacted by social, technical and/or physical risks such as flooding, fire, power loss, loss or reduction of water supply, leakages, accidents, as well as telecommunications and information technology system failures. For example, flooding in Australia at the end of 2010 affected global coal supply and consequently increased our raw material costs. In addition, heavy rainfall in the Southeast Region of Brazil, as well as power and water supply shortages and rationing programs could affect our operations and consequently our revenues. Such events could affect our ability to conduct our business operations and, as a result, reduce our operating results and materially and adversely affect us. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may not be able to consummate proposed acquisitions successfully or integrate acquired businesses successfully.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">From time to time, we may evaluate acquisition opportunities that would strategically fit our business objectives. If we are unable to complete acquisitions, or integrate successfully and develop these businesses to realize revenue growth and cost savings, our financial results could be adversely affected. Acquisitions also pose the risk that we may be exposed to successor liability involving an acquired company. Due diligence conducted in connection with an acquisition, and any contractual guarantees or indemnities that we receive, may not be sufficient to protect us from, or compensate us for, actual liabilities. A material liability associated with an acquisition, such as labor or environmental liabilities, could adversely affect our reputation and financial performance and reduce the benefits of the acquisition. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, we may incur asset impairment charges related to acquisitions, which may reduce our profitability. Our acquisition activities may also present financial, managerial and operational risks, including diversion of management attention from existing core businesses, difficulties integrating or separating personnel, financial and other systems, failure to achieve the operational benefits that were anticipated at the time of the transaction, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and/or amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the buyers or sellers. Finally, proposed acquisitions may also be subject to review from the competition </FONT>

<a name="page_23"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">authorities of the countries involved in the transaction,
which may approve such transaction, approve such transaction with restrictions,
including the divestment of assets, or reject it. Any of these activities or
adverse regulatory decisions could negatively affect our reputation, product
sales, financial condition and/or results of operations. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have experienced labor disputes in the past that have
disrupted our operations, and such disputes may recur.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A
substantial number of our employees and some of the employees of our
subcontractors are represented by labor unions and are covered by collective
bargaining or other labor agreements, which are subject to periodic
renegotiation. Considering the current political and economic crisis, strikes
and other labor disruptions at any of our facilities or labor disruptions
involving third parties who may provide us with goods or services may occur.
Such disputes have in the past and may in the future materially and adversely
affect the operation of our facilities, and/or the timing of completion and the
cost of our projects. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are exposed to the risk of
litigation.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are currently and may in the future be a party to
legal proceedings and judicial, administrative or arbitration claims. For some
of these legal proceedings and claims, we have not established a provision on
our balance sheet or have only established provisions for part of the amounts in
question, based on our external or internal counsel&#8217;s judgment as to the
likelihood of an outcome favorable to us. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although we are contesting such proceedings and claims,
the outcome of each specific proceeding and claim is uncertain and may result in
obligations that could materially and adversely affect our business and the
value of our shares and ADSs. See &#8220;Item 8A. Consolidated Statements and Other
Financial Information&#8212;Legal Proceedings&#8221; for additional information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Risks
Relating to our Common Shares and ADSs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our controlling shareholder has the ability to direct our
business and affairs and its interests could conflict with
yours.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our controlling shareholder has the power to, among other
things, elect a majority of our directors and determine the outcome of any
action requiring shareholder approval, including transactions with related
parties, corporate reorganizations, acquisitions, dispositions, the destination
and diversification of our investments, and the timing and payment of any future
dividends, subject to minimum dividend payment requirements imposed under
Brazilian Corporate Law. Our controlling shareholder may have an interest in
pursuing acquisitions, dispositions, financings or similar transactions that
could conflict with your interests as a holder of our common shares and ADSs.
For a description of our ownership structure, see &#8220;Item 7A. Major
Shareholders.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If you surrender your ADSs and withdraw common shares,
you risk losing the ability to remit foreign currency abroad and certain
Brazilian tax advantages.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As an ADS holder, you benefit from the electronic
certificate of foreign capital registration obtained by the custodian for our
common shares underlying the ADSs in Brazil, which allows the custodian to
convert dividends and other distributions with respect to the common shares into
non-Brazilian currency and remit the proceeds abroad. If you surrender your ADSs
and withdraw common shares, you will be entitled to continue to rely on the
custodian&#8217;s electronic certificate of foreign capital registration for only five
business days from the date of withdrawal. Thereafter, upon the disposition of,
or distributions relating to, the common shares, you will not be able to remit
abroad non-Brazilian currency unless you obtain your own electronic certificate
of foreign capital registration or you qualify under Brazilian foreign
investment regulations that entitle some foreign investors to buy and sell
shares on Brazilian stock exchanges without obtaining separate electronic
certificates of foreign capital registration. If you do not qualify under the
foreign investment regulations you will generally be subject to less favorable
tax treatment of dividends and distributions on, and the proceeds from any sale
of, our common shares. For more information regarding exchange controls, see
&#8220;Item 10D. Exchange Controls.&#8221; If you seek to obtain your own electronic
certificate of foreign capital registration, you may incur expenses or suffer
delays in the application process, which could delay your ability to receive
dividends or distributions relating to our </FONT><a name="page_24"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">common shares or the return of your capital in a timely
manner. The depositary&#8217;s electronic certificate of foreign capital registration
may also be adversely affected by future legislative changes.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holders of ADSs may not be able to exercise their voting
rights.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holders of ADSs may only exercise their voting rights
with respect to the underlying common shares in accordance with the provisions
of the deposit agreement. Under the deposit agreement, ADS holders must vote by
giving voting instructions to the depositary. Upon receipt of the voting
instructions of the ADS holder, the depositary will vote the underlying common
shares in accordance with these instructions. If we ask for voting instructions,
the depositary will notify ADS holders of the upcoming vote and will arrange to
deliver the proxy card. We cannot assure that ADS holders will receive the proxy
card in time to ensure that they can instruct the depositary to vote. In
addition, the depositary and its agents are not liable for failing to carry out
voting instructions or for the manner of carrying out voting instructions.
Alternatively, ADS holders can exercise their right to vote by surrendering
their ADSs for cancellation in exchange for our common shares. Pursuant to
applicable Brazilian law, companies that issue ADSs must publish the first call
for a shareholders&#8217; meeting at least 30 days in advance of the meeting, and the
second call must be published at least 08 days in advance of the meeting. When a
shareholders&#8217; meeting is convened, holders of ADSs may not receive sufficient
advance notice to surrender their ADSs in exchange for the underlying common
shares to allow them to vote with respect to any specific matter. As a result,
holders of ADSs may not be able to exercise their voting rights.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The relative volatility and illiquidity of the Brazilian
securities markets may substantially limit your ability to sell the common
shares underlying the ADSs at the price and time you desire.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investing in securities that trade in emerging markets,
such as Brazil, often involves greater risk than investing in securities of
issuers in the United States, and such investments are generally considered to
be more speculative in nature. The Brazilian securities market is substantially
smaller, less liquid, more concentrated and can be more volatile than major
securities markets in the United States. The ten largest companies in terms of
market capitalization represented 55% of the total market capitalization of the
B3 as of December 31, 2016. The top ten stocks in terms of trading volume
accounted for 45%, 46%, and 47.2% of all shares traded on the B3 in 2016, 2015
and 2014, respectively. Accordingly, although you are entitled to withdraw the
common shares underlying the ADSs from the depositary at any time, your ability
to sell the common shares underlying the ADSs at a price and time at which you
wish to do so may be substantially limited. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holders of ADSs may be unable to exercise preemptive
rights with respect to our common shares.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may not be able to offer our common shares to U.S.
holders of ADSs pursuant to preemptive rights granted to holders of our common
shares in connection with any future issuance of our common shares unless a
registration statement under the Securities Act is effective with respect to
such common shares and preemptive rights, or an exemption from the registration
requirements of the Securities Act is available. We are not obligated to file a
registration statement relating to preemptive rights with respect to our common
shares or to undertake steps that may be needed to find exemptions from
registration that are available, and we cannot assure you that we will file any
such registration statement or take any such steps. If such a registration
statement is not filed and an exemption from registration does not exist, the JP
Morgan Chase Bank, N.A., as depositary, may attempt to sell the preemptive
rights, and you will be entitled to receive the proceeds of such sale. However,
these preemptive rights will expire if the depositary does not sell them, and
U.S. holders of ADSs will not realize any value from the granting of such
preemptive rights. For a more complete description of preemptive rights with
respect to the underlying shares, see &#8220;Item 10B. Memorandum and Articles of
Association&#8212;Preemptive Rights.&#8221;</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">A decrease in
our market capitalization may increase volatility.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In recent years our
market capitalization has decreased and as a result the volatility in the
trading price of our common shares and ADSs has increased. Any further decreases
in our market capitalization may further increase volatility.&nbsp; In 2016, the
trading price of our ADSs dropped for a certain period below the levels required
by the listing standards of the New York Stock Exchange (&#8220;NYSE&#8221;).&nbsp; If the
trading price of our ADSs again drops below those levels, we may be required to
do a reverse stock split or a ratio change of the number of common shares per
ADS in order to regain compliance with NYSE&#8217;s listing standards.</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 4. Information on the Company</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635053></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4A. History
and Development of the Company&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companhia Sider&#250;rgica Nacional is a Brazilian corporation
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">sociedade por a&#231;&#245;es</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">)
incorporated in 1941 pursuant to a decree of the Brazilian president at the
time, Get&#250;lio Vargas. The Presidente Vargas Steelworks, located in the city of
Volta Redonda, in the state of Rio de Janeiro, started the production of coke,
pig iron and steel products in 1946. Also in 1946, we incorporated both the Casa
de Pedra Mine, located in the city of Congonhas, State of Minas Gerais, and the
Arcos Mine, located in the city of Arcos, State of Minas Gerais. The Casa de
Pedra Mine assures us self-sufficiency in iron ore, whereas the Arcos Mine meets
all our needs for flux, limestone and dolomite.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company was privatized through a series of auctions
held in 1993 and early 1994, through which the Brazilian government sold its 91%
ownership interest. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Between 1993 and 2002, we implemented a capital
improvement program aimed at increasing our annual production of crude steel,
improving the quality of our products and enhancing our environmental protection
and cleanup programs. As part of the investments, since February 1996, all our
production has been based on the continuous casting process, rather than ingot
casting, which involved an alternative method that resulted in higher energy use
and metal loss. From 1996 until 2002, we spent the equivalent of US$2.4 billion
on the capital improvement program and on maintaining our operational capacity,
culminating with the renovation of Blast Furnace No. 3 and Hot Strip Mill No. 2
in 2001. These measures resulted in the increase of our annual production
capacity to 5.6 million tons of crude steel and 5.1 million tons of rolled
products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2007, CSN started to sell iron ore in the seaborne
market. Today, CSN, through its controlled company CSN Minera&#231;&#227;o (formerly named
Congonhas Min&#233;rios S.A.), is an important exporter of iron ore, drawing from the
high quality iron ore reserves in the Casa de Pedra and Engenho mines, located
in the state of Minas Gerais. CSN Minera&#231;&#227;o currently holds the concession to
operate the Terminal de Carv&#227;o, or TECAR, a solid bulks terminal located in
Itagua&#237; Port in the state of Rio de Janeiro, through which CSN Minera&#231;&#227;o exports
iron ore and imports coal and coke.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2009, we entered the cement market with our first
grinding mill, next to the Presidente Vargas Steel Mill in Volta Redonda, Rio de
Janeiro, taking advantage of the synergies with our steel business. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to diversify our product portfolio, we entered
in the long steel market in 2012, with the acquisition of Stahlwerk Th&#252;ringen
Gmbh, or SWT, a long steel manufacturer located in Unterwellenborn, Germany.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, a new plant for production of long steel
products has been installed at Volta Redonda and started operations in December
2013. The plant consists of an electric arc steelmaking furnace, continuous
casting for billets and a hot rolling mill for round section long products. This
plant provides the domestic market with rebar for civil construction and wire
rod for industrial and civil construction applications.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2015, we inaugurated two new grinding mills, and in
2016, we concluded a new 6,500 tpd kiln line, reaching a capacity of 4.7 million
tons in our cement plants. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">General</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We operate throughout the entire steel production chain,
from the mining of iron ore to the production and sale of a diversified range of
high value-added steel products. We divide our business into five segments:
steel, mining, cement, logistics and energy businesses. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In our flat steel segment, we are an almost fully
integrated steelmaker. Presidente Vargas Steelworks produce a broad line of
steel products, including slabs, hot and cold-rolled, galvanized and tin mill
products for the distribution, packaging, automotive, home appliance and
construction industries. </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our current annual crude steel capacity and rolled
product capacity at the Presidente Vargas Steelworks is 5.6 million and 5.1
million tons, respectively. At the end of 2015, due to weak internal </FONT><a name="page_26"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">demand for steel, we decided to interrupt operation of
Blast Furnace No. 02 for maintenance, impacting our annual production capacity
of crude steel at the Presidente Vargas Steelworks by 28%, while the production
of rolled steel decreased 20%. During 2016, our inventory levels significantly
dropped and we decided to resume operations of Blast Furnace No.2 in October.
</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our production process is based on the integrated
steelworks concept. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 11.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We currently obtain all of our iron ore (except for
pellets), limestone and dolomite requirements and a portion of our tin
requirements, from our own mines. Using imported coal, we produce approximately
51% of our coke requirements at current production levels in our own coke
batteries at Volta Redonda. Imported coal is also pulverized and used directly
in the pig iron production process. Zinc, manganese ore, aluminum and a portion
of our tin requirements are purchased in local markets. Our steel production and
distribution processes also require water, industrial gases, electricity, rail
and road transportation and port facilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to the production of flat steel, we entered
into the long steel segment, with the acquisition of Stahlwerk Th&#252;ringen Gmbh
(SWT) in 2012</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="times new roman"> for &#8364;483.4 million. SWT is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> a long
steel producer in Germany with annual production capacity of approximately 1.1
million tons of steel sections.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also completed a
new plant for production of long steel products in Volta Redonda, in December
2013. The plant consists of an electric arc steelmaking furnace, continuous
casting for billets and a hot rolling mill for round section long products &#8211;
wire rod and rebar. We expect this plant to reach 500,000 t/year output when
fully operational, providing the domestic market with products for civil
construction. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We own a number of high quality iron ore mines, all
located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quadril&#225;tero
Ferr&#237;fero</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), in the
state of Minas Gerais, including the Casa de Pedra and Engenho mines, located in
the city of Congonhas, pertaining to our controlled investee,&nbsp; CSN
Minera&#231;&#227;o, and Fernandinho mines, located in the city of Itabirito and the
Cayman and Pedras Pretas mining rights, located in the city of Rio Acima and
Congonhas, respectively, pertaining to our wholly owned subsidiary Min&#233;rios
Nacional S.A. (&#8220;Min&#233;rios Nacional,&#8221; former Minera&#231;&#227;o Nacional S.A.). Our mining
assets also include the cargo terminal Itagua&#237; Port, or TECAR, pertaining to CSN
Minera&#231;&#227;o, the Bocaina mines, located in the city of Arcos, in the state of
Minas Gerais, which produces dolomite and limestone, and Estanho de Rond&#244;nia
S.A., or ERSA, located in the city of Ariquemes, in the state of Rond&#244;nia, which
mines and casts tin. We sold 25.2 million tons, 25.7 million tons and 32.9
million tons of iron ore to third parties in 2014, 2015 and 2016, respectively.
</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our verticalization strategy and synergies among our
business units are strongly dependent on the logistics needed to guarantee the
transportation of the inputs at a low operating cost. A number of railways and
port terminals make up the logistics system integrating our mining, steelmaking
and cement units. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We operate a port terminal for containers, Sepetiba
Tecon, at Itagua&#237; Port, in the state of Rio de Janeiro, and CSN Minera&#231;&#227;o
operates the solid bulks terminal, or TECAR, also located at Itagua&#237; Port, in
the state of Rio de Janeiro.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We also have interests in three railways: (i) we share
control in MRS Log&#237;stica S.A., which operates the former Southeast System of the
Federal Railway System, along the Rio de Janeiro-S&#227;o Paulo-Belo Horizonte axis;
(ii) we have an interest in jointly controlled investee Transnordestina
Log&#237;stica S.A., or TLSA, which has a concession to construct and operate the
Northeastern Railway System II; and (iii) we control Ferrovia Transnordestina
Log&#237;stica S.A., or FTL, which operates the former Northeastern Railway System,
or RFFSA, or Rede Ferrovi&#225;ria Federal, which we currently call Northeastern
Railway System I.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We entered the cement market in May 2009, driven by the
strong synergy with our steelmaking business. This segment takes advantage of
the slag generated by our blast furnaces and of our limestone </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reserves, located in the city of Arcos in the state of
Minas Gerais. Limestone is used to produce clinker. Clinker and slag are the
main inputs in cement production. </FONT></P>
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<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2015, we inaugurated two new grinding mills, and in 2016, we concluded a new kiln line of 6,500 tons per day capacity, reaching a capacity of 4.7 million tons per year of cement considering our Volta Redonda and Arcos plants. We plan to increase our market share in the cement segment in Brazil in order to diversify our product mix and markets, reducing risks and adding value for our shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steelmaking requires significant amounts of electricity to power rolling mills, production lines, hot metal processing, coking plants and auxiliary units. In 2016, our Presidente Vargas Steelworks consumed approximately 2.642 million MWh of electric energy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main source of electricity is our thermoelectric co-generation power plant at the Presidente Vargas Steelworks, which is fueled by the gases from the steel production process, with 235.2 MW installed capacity. In addition, we have a 29.5% interest in the It&#225; Hydroelectric Power Plant in Santa Catarina, through a 48.75% equity interest in ITASA, and a 17.9% interest in the Igarapava Hydroelectric Power Plant in Minas Gerais, from which we have ensured energy an average of 167 MW and an overage of 23 MW, respectively. In 2014, we installed a new turbine generator at the Presidente Vargas Steelworks, which adds 21 MW to our existing installed capacity. This turbine is located near our Blast Furnace No. 3, using the outlet gases from the iron making process to generate energy.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN&#8217;s legal and commercial name is Companhia Sider&#250;rgica Nacional. CSN is organized for an unlimited period of time under the laws of the Federative Republic of Brazil. Our head offices are located at Av. Brigadeiro Faria Lima, 3400, 19<SUP>th</SUP> and 20<SUP>th</SUP> floors, Itaim Bibi, S&#227;o Paulo, Brazil, CEP 04538-132, and our telephone number is +55-11-3049-7100. CSN&#8217;s agent for service of process in the United States is CT Corporation, with offices at 111 Eighth Avenue, New York, New York 10011. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4B. Business Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Competitive Strengths</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We believe that we have the following competitive strengths:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Integrated business model. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are a highly integrated steelmaker. This is due to our captive sources of raw materials, principally iron ore, and infrastructure, such as railways and deep-sea water port facilities. We own a number of high quality iron ore mines, all located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), in the State of Minas Gerais, distinguishing us from our main competitors in Brazil which have to purchase all or a portion of their iron ore from mining companies.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Profitable mining business.&nbsp;</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We have in recent years invested significantly in our mining business, placing CSN in a prominent position among the world&#8217;s leading iron ore players. Further expansions will enable expanding product portfolio and total output, increasing our presence in seaborn markets.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We have high-quality iron ore reserves in Casa de Pedra, Engenho, Fernandinho and other mines, all located in Minas Gerais. Our mining activities provide relevant EBITDA generation. We sold 20.2 million tons to third parties in 2012, 21.5 million tons in 2013, 25.2 million tons in 2014 (taking into account our proportional interest in Namisa throughout this period), 25.7 million tons in 2015 and 32.9 million tons in 2016 (including 100% of Namisa due to full consolidation of CSN Minera&#231;&#227;o, formerly named Congonhas Min&#233;rios S.A.). Our mining business also includes TECAR, a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">solid bulks terminal at Itaguai Port (RJ), </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">with a capacity to handle 45 mtpy, Minera&#231;&#227;o Bocaina, located in Arcos (MG), which produces dolomite and limestone and ERSA, which mines and casts tin.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2015 and 2016, we implemented cost reduction actions, which, along with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> depreciation, reduced our production costs at the Casa de Pedra mine from US$24.66/ton in 2014 to US$15.56/ton and to US$12.92/ton in 2015 and 2016, respectively. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Thoroughly developed transport infrastructure. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a thoroughly developed transport infrastructure, connecting our iron ore mine to our steel mill and to the port terminals we operate. The Presidente Vargas Steelworks facility is located next to railway and port systems, facilitating the supply of raw materials, the shipment of our production and easy access to our main clients. Our steelworks are close to the main steel consumer centers in Brazil, with easy access to port facilities and railway. The concession for the main railway we use and operate is owned by MRS, a company in which we hold a 34.94% direct and indirect ownership interest. The railway connects our Casa de Pedra mine to the Presidente Vargas Steelworks and to our terminals at Itagua&#237; Port, which handles our iron ore exports and most of our steel exports, as well as our imports of coal and metallurgical coke. Since the constitution of MRS railway, in 1996, it has significantly improved its productivity and developed its business, with increased cash generation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Self-sufficiency in energy generation. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are self-sufficient in energy through our interests in the hydroelectric plants of It&#225; and Igarapava, as well as our own thermoelectric plant located inside the Presidente Vargas Steelworks. We also sell the excess energy we generate in the energy market on a spot basis. Our 256 MW thermoelectric cogeneration plant provides the Presidente Vargas Steelworks with approximately 60% of its energy needs for its steel mills, using as its primary fuel the waste gases generated by our coke ovens, blast furnaces and steel processing facilities. We hold a 29.5% stake in the It&#225; Hydroelectric Power Plant, in Santa Catarina. This ownership grants us an assured energy of 167 MW, proportional to our interests in the project, pursuant to a 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. In addition, we own 17.9% of the Igarapava hydroelectric plant, with 210 MW fully installed capacity and a direct take of 23 MW of assured energy to us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Low cost structure. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a result of our fully integrated business model, our thoroughly developed transportation infrastructure and our self-sufficiency in energy generation, we have been consistently generating high margins compared to peer companies of both steel and mining segments. Other factors that lead to our low cost structure include the strategic location of our steelworks facility along with our well qualified work force with a lean cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Diverse product portfolio and product mix. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a diversified flat steel product mix that includes hot-rolled, cold-rolled, galvanized and steel tin mill products, in order to meet a wide range of customer needs across all steel consuming industries. We focus on selling high-margin products, such as tin-coated, pre-painted, galvalume and galvanized products. Our galvanized products provide material for exposed auto parts, using hot-dip galvanized steel and laser-welded blanks. Our CSN Paran&#225; branch provides us with additional capacity to produce high-quality galvanized, galvalume and pre-painted steel products for the construction and home appliance industries. In addition, our distribution subsidiary, Prada, provides a strong sales channel in the domestic market, enabling us to meet demand from smaller customers, thus creating an important presence in this market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Strong presence in domestic market and strategic international exposure for steel products. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a strong presence in the domestic market for steel products, with a market share above 30% of the domestic flat steel market. In addition, we use our subsidiaries CSN LLC and Lusosider as sales channels for our flat steel products in the United States and in Europe, which accounted for approximately 21% of our total sales in 2016. Direct exports accounted for 6% of our total sales in 2016. In 2012, we acquired SWT, a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles, strengthening our steel products mix and geographical diversification. In 2016, SWT accounted for 16% of our total sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Strategies </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our goal is to increase value for our shareholders by further benefiting from our competitive cost advantages and quality of product portfolio, maintaining our position as one of the world&#8217;s lowest-cost steel producers, increasing our relevance as an important iron ore global player, increasing the market share and size of our cement business and optimizing our infrastructure assets (including ports, railways and power generating plants) to enable high integration, quality product and low costs. To achieve these goals, we developed specific strategies for each of our business segments, as described below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The strategy for our steel business involves:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A focus on the domestic market, by increasing&nbsp;market share in the flat steel segment and long steel market;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">An emphasis on high margin coated steel products, such as galvanized, galvalume, pre-painted and tin plate;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Geographical diversification through our flat and long steel facilities abroad. We also intend to maintain and diversify our exports, focused on high quality products such as coated steels;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The constant pursuit of operational excellence, by developing and implementing cost reduction projects (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">e.g.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">, energy efficiency) and process review programs (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">e.g.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">, internal logistic optimization, project development and implementation discipline);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Exploring marketing and commercial synergies by using our flat steel distribution network and product portfolio to accelerate entrance into the domestic long steel market; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Increasing customized services and distribution abilities through our expanding distribution network; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Divestment from non-strategic assets to improve capital allocation and optimize our business portfolio, such as the sale transcation of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cia. Metalic Nordeste, or Metalic</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">, during 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For information on planned investments relating to our steel activities, see &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to strengthen our position in the iron ore market, we plan to invest in our mining assets, such as CSN Minera&#231;&#227;o, to enable low operational costs and long term growth opportunities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the coming years, we expect to reach an annual shipment level of over 60 mtpy of iron ore products, including third party products, by increasing mine capacity at Casa de Pedra and other mines, along with developing&nbsp;export services for third party producers. However, in the short term, considering the current pricing and global iron ore competitive scenario, we will focus on exporting quality iron ore with low cost, guaranteeing participation in the seaborne market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">To sustain this growth, we plan to increase capacity in TECAR, our solid bulks terminal at Itaguai Port, to 60 mtpy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to maximize the profitability of our product portfolio, we also plan to focus on increasing our output of high quality pellet-feed, by using Itabirito&#8217;s deposits and investing with strategic partners and clients in providing pellet feed to pellet producers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For information on planned investments relating to our mining activities, see &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></I></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We expect to expand our current logistics capabilities, including our integrated infrastructure operations of railways and ports.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We intend to continue to improve the delivery of our products in the domestic market (mainly steel and cement) by implementing low cost measures and improving our efficiency through integration and increase in the use of rail transportation, and by providing more distribution centers to reach end clients.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition to investments in TECAR, we expanded the TECON terminal at Itagua&#237; Port in 2014.&nbsp; The project enables us to operate large vessels simultaneously, increasing TECON&#8217;s capacity to 440,000 containers.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In terms of railways, the Transnordestina Log&#237;stica project is being developed to explore a logistic potential, focusing on iron ore, agricultural commodities, gypsum and fuel. We also plan to invest in increasing our efficiency and capacity in the south of Brazil through our interest in MRS.</FONT></P>

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&nbsp; <A name=page_30></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our cement business strategy involves the utilization of
the limestone reserves in our Arcos mine and the slag generated by our blast
furnaces at Volta Redonda. The first cement grinding mill was inaugurated
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in 2009, with capacity to produce 2.4 million tons per
year. In 2011, we began producing clinker in the Arcos plant enabling lower
production costs. In 2015, we inaugurated two new grinding mills, and in 2016,
we concluded a new 6,500 tpd kiln line, reaching a capacity of 4.7 million tons.
We intend to expand our cement production capacity to 5.7 million tons per year
over the next years. For information on planned investments relating to our
cement activities, see &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital
Expenditures&#8212;Planned Investments.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additional Investments</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to the currently planned investments and
capital expenditures, we continue to consider possible acquisitions or
divestments, joint controlled entities and brownfield or greenfield projects to
improve our steel, cement and mining cost competitiveness and production, along
with our logistics capabilities, logistics infrastructure and energy generation.
</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Steel Segment </FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We produce carbon steel, which is the world&#8217;s most widely
produced type of steel, representing the vast bulk of global consumption. From
carbon steel, we sell a variety of products, both domestically and abroad, to
manufacturers in several industries.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Flat
Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Presidente Vargas Steelworks produces flat steel
products &#8212; slabs, hot-rolled, cold-rolled, galvanized and tin mill products. For
further information on our production process, see &#8220;&#8212;Production Process.&#8221;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Slabs</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Slabs are semi-finished products used for processing
hot-rolled, cold-rolled or coated coils and sheet products. We are able to
produce continuously cast slabs with a standard thickness of 250 millimeters,
widths ranging from 830 to 1,600 millimeters and lengths ranging from 5,250 to
10,500 millimeters. We produce high, medium and low carbon slabs, as well as
micro-alloyed, ultra-low-carbon and interstitial free slabs. The slabs are then
slitted and finished, generating blooms which are delivered to the long products
plant.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Hot-Rolled Products</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Hot-rolled products include heavy and light-gauge
hot-rolled coils and sheets. A heavy gauge hot-rolled product, as defined by
Brazilian standards, is a flat-rolled steel coil or sheet with a minimum
thickness of 5.01 millimeters. We are able to provide coils of heavy gauge
hot-rolled sheet having a maximum thickness of 12.70 millimeters used to
manufacture automobile parts, pipes, structural beams and other construction
products. We produce light gauge hot-rolled coils and sheets with a minimum
thickness of 1.20 millimeters, which are used for welded pipe and tubing,
automobile parts, gas containers, compressor bodies and light cold-formed
shapes, channels and profiles for the construction industry.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cold-Rolled Products</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cold-rolled products include cold-rolled coils and
sheets. A cold-rolled product, as defined by Brazilian standards, is a flat
cold-rolled steel coil or sheet with thickness ranging from 0.30 millimeters to
3.00 millimeters. Cold-rolled products have more uniform thickness and better
surface quality when compared to hot-rolled products and their main applications
are automotive parts, home appliances and construction. We supply cold-rolled
coils with thickness ranging from 0.30 millimeters to 2.99 millimeters.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvanized Products</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvanized products are comprised of flat-rolled steel
coated on one or both sides with zinc or a zinc-based alloy applied by either a
hot-dip or an electrolytic process. We use the hot-dip process, which is
approximately 20% less expensive than the electrolytic process. Galvanizing is
one of the most effective </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and low-cost
processes used to protect steel against corrosion caused by exposure to water
and the atmosphere. Galvanized products are highly versatile and can be used to
manufacture a broad range of products, such as:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">automobiles, trucks and bus bodies;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">manufactured products for the construction industry, such
as panels for roofing and siding, dry wall and roofing support frames, doors,
windows, fences and light structural components;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">air ducts and parts for hot air, ventilation and cooling
systems;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">culverts, garbage containers and other
receptacles;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">storage tanks, grain bins and agricultural
equipment;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">panels and sign panels; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pre-painted parts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvanized sheets, both painted and bare, are also
frequently used for gutters and downspouts, outdoor and indoor cabinets, all
kinds of home appliances and similar applications. We produce galvanized sheets
and coils in continuous hot-dip processing lines, with thickness ranging from
0.30 millimeters to 3.00 millimeters. The continuous process results in products
with highly adherent and uniform zinc coatings capable of being processed in
nearly all kinds of bending and forming machinery.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We produce </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvanew</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&reg; in
addition to the standard galvanized products. This product is produced by an
additional annealing cycle just after the zinc hot-dip coating process. This
annealing process causes iron to diffuse from the base steel into the zinc
coating. The resulting iron-zinc alloy coating allows better welding and paint
performance. The combination of these qualities makes our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvanew</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&reg; product
particularly well suited for manufacturing automobile and home appliance parts
including high gloss exposed parts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At CSN Paran&#225;, one of our branches, we produce
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvalume&reg;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, a
continuous Al-Zn coated material. Although the production process is similar to
the hot-dip galvanized coating, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvalume&reg;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> has at
least twice the corrosion resistance of standard galvanized steel.
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Galvalume&reg;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> is
primarily used in outdoor construction applications that may be exposed to
severe acid corrosion, like marine uses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The value added from the galvanizing process permits us
to price our galvanized products with a higher profit margin. Our management
believes that our expertise in value-added galvanized products presents one of
our best opportunities for profitable growth because of the increase in
Brazilian demand for such high margin products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Through our branch CSN Paran&#225;, we also produce
pre-painted flat steel, which is manufactured in a continuous painting line. In
this production line, a layer of resin-based paint in a choice of colors is
deposited over either cold-rolled or galvanized base materials. Pre-painted
material is a higher value-added product used primarily in the construction and
home appliance markets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin Mill Products</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin mill products consist of flat-rolled low-carbon steel
coils or sheets with, as defined by Brazilian standards, a maximum thickness of
0.45 millimeters, coated or uncoated. Coatings of tin or chromium are applied by
electrolytic process. Coating costs place tin mill products among the highest
priced products that we sell. The added value from the coating process permits
us to price our tin mill products with a higher profit margin. There are four
types of tin mill products, all produced by us in coil and sheet
forms:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin plate - coated on one or both sides with a thin
metallic tin layer plus a chromium oxide layer, covered with a protective oil
film;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin free steel - coated on both sides with a very thin
metallic chromium layer plus a chromium oxide layer, covered with a protective
oil film;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Low tin coated steel - coated on both sides with a thin
metallic tin layer plus a thicker chromium oxide layer, covered with a
protective oil film; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Black plate - uncoated product used as the starting
material for the coated tin mill products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">31</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_32></A>
<a name="_bclPageBorder32"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin mill products are primarily used to make cans and
other containers. With six electrolytic coating lines, we are one of the biggest
producers of tin mill products in the world and the sole producer of coated tin
mill products in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Quality Management System&nbsp;&nbsp;</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We maintain a Quality Management System that is certified
to comply with the International Standardization Organization ISO 9001 standard
and the automotive industry&#8217;s Technical Specification ISO/TS 16949 in June
2016.&nbsp; ISO 9001 is for the design and manufacture of slabs, blooms,
billets, hot rolled flat, pickled and oiled, cold rolled and galvanized steel,
tin mill products and long steel products and ISO/TS 16949:2009, third edition,
for the manufacture of hot-rolled flat, pickled and oiled steel products,
cold-rolled and galvanized steel products.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We also maintain a certification attesting that products
furnished by our Arauc&#225;ria plant in the state of Paran&#225;, Brazil, to the
electrical and electronic equipment industries are in conformity with Directive
2011/65/EU of the European Parliament on the restriction of the use of certain
hazardous substances in electrical and electronic equipment &#8211; RoHS.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Production Output</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=red face="times new roman">
&nbsp;</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth, for the periods
indicated, the annual production of crude steel within Brazil and by us and the
percentage of Brazilian production attributable to us:</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 20.6pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Crude
      Steel Production&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Brazil&nbsp;&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CSN&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CSN %
      of Brazil&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.05pt">
    <TD style="HEIGHT: 15.05pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.05pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.05pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%" colSpan=3>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In millions of tons)</FONT></I></P></TD>
    <TD style="HEIGHT: 15.05pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.05pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.8pt">
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">30.2</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3.0</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">9.9%</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.8pt">
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">33.3</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4.2</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">12.7%</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.8pt">
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">33.9</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4.5</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">13.3%</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.8pt">
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2013</FONT></B></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">34.2</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4.5</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">13.2%</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.8pt">
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="61%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2012</FONT></B></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">34.7</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4.8</FONT></P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">13.8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.3pt">
    <TD style="HEIGHT: 10.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=7>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">_______________</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.5pt">
    <TD style="HEIGHT: 9.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=7>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Source:
      Brazilian Steel Institute (</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Instituto A&#231;o Brasil</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">), or
IABr.</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The following
table contains some of our operating statistics for the periods
indicated:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Certain Operating
      Statistics&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(In
      millions of tons)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(In
      millions of tons)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(In
      millions of tons)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Production of:</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Molten Steel</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">3.1</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.4</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.6</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Crude Steel</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">3.0</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.2</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.5</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Hot-Rolled Coils and Sheets</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">3.3</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.3</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4.8</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Cold-Rolled Coils and Sheets</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2.3</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2.5</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2.5</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Galvanized Products</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.8</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.4</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.6</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Tin Mill Products</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.5</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.6</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.6</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Consumption of Coal for Coke
      Batteries</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.3</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.3</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">1.6</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Consumption of Coal for PCI</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.4</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.5</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">0.6</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Raw Materials and Suppliers&nbsp; </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The main raw materials we use in our integrated steel
mill include iron ore, coke, coal (from which we make coke), limestone,
dolomite, aluminum, tin and zinc. In addition, our production operations consume
water, gases, electricity and ancillary materials.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">32</FONT></P></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_33></A>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Iron Ore</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We are able to obtain the majority of our iron ore
requirements from our Casa de Pedra and Engenho mines located in the State of
Minas Gerais. The only iron ore product which we buy from third parties is
pellet. For a description of our iron ore segment see &#8220;&#8212;Our Mining
Segment.&#8221;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Coal</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, our metallurgical coal consumption totaled 1.61
million tons. Metallurgical coal includes coking coal and PCI coal, which is a
lower grade coal injected into the blast furnaces, in a pulverized form, to
reduce coke consumption. The PCI system reduces CSN&#8217;s need for imported coke,
thus reducing production costs. The total PCI coal consumption in 2016 totaled
0.35 million tons, all imported. The sources of the hard coking coal consumed in
our plants in 2016 were as follows: USA (45.2%), Australia (52.8%) and Canada
(2.0%) and for PCI: Russia (66.5%), Australia (33.5%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">During the first quarter of 2016, the coking coal
benchmark price reached its lowest level since 2010 (US$81/MT). The following
quarters presented a slight increase in prices due to a soft supply reduction.
During the last quarter of 2016, we faced a severe supply reduction due to a new
regulation established by China&#8217;s National Develop and Reform Commission (NDRC),
which reduced the number of working days at coal mines in China from 330 to 276.
In addition, in September and October, two important Australian producers had
their production disrupted following structural problems at their mines,
invoking force majeure during 50 days. This scenario resulted in a sharp price
increase, reaching US$311/mt at the spot market in November. As of December, the
supply begun to recover and spot prices decreased to US$230/mt by the end of the
year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Coke</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, in addition to the approximately 0.92 million
tons of coke we produced, we also consumed 0.63 million tons of coke bought from
third parties in China and Colombia, a decrease of 47.42% as compared to our
consumption in 2015. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Limestone and Dolomite</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our Bocaina mine is located in Arcos, in the State of
Minas Gerais, and has been supplying, since the early 1970s, limestone (calcium
carbonate) and dolomite (dolomitic limestone) to our Presidente
Vargas&nbsp;Steelworks in Volta Redonda. These products are used in the process
of sintering and calcination. Arcos has one of the largest and highest quality
reserves of limestone in the world, which is used in the production of various
products, including clinker and cement.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The annual production of limestone and dolomite for our
steelworks is approximately 3&nbsp;million tons.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The main products obtained from limestone and dolomite
that are transferred to our steelworks in Volta Redonda are:</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Limestone and dolomite calcination: with a granulometry
between 32 and 76 mm, they are used in the lime plant in Volta Redonda to
produce calcitic and dolomitic lime, for further use in the steelmaking process
and sintering. At the steelworks, lime is used for chemical controlling of
liquid slag, in order to preserve the refractory of the converters and assist in
the stabilization of the chemical reactions that occur during the steel
manufacturing process. During sintering, the purpose of lime is to increase the
performance of this process and the final quality of the sinter that is
produced.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Limestone and dolomite fines for sintering: used in the
production of &#8220;sinter,&#8221; in our steelworks. The sintering process mixes and heats
together with fine ores, solid fuel and flux, producing a highly reactive
granulated burden. The sinter is used in blast furnaces as the main source of
iron for the production of pig iron.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Bocaina mine is alsoresponsible for supplying limestone
for cement manufacturing in Volta Redonda and Arcos.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">33</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Aluminum, Zinc and Tin</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Aluminum is mostly used for steelmaking. Zinc and tin are
important raw materials used in the production of certain higher-value steel
products, such as galvanized and tin plate, respectively. We typically purchase
aluminum, zinc and tin from third-party domestic suppliers under one year
contracts. Specifically in relation to tin, we purchase part of our demand from
CSN&#8217;s subsidiary ERSA. We maintain approximately 21, 15 and 29 days&#8217; inventory
of tin, aluminum and zinc, respectively, at the Presidente Vargas
Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other Raw
Materials</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In our production of steel, we consume, on an annual
basis, significant amounts of spare parts, refractory bricks and lubricants,
which are generally purchased from domestic suppliers.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We also consume significant amounts of oxygen, nitrogen,
hydrogen, argon and other gases at the Presidente Vargas Steelworks. These gases
are supplied by a third-party under a long-term contract from its gas production
facilities located on the Presidente Vargas Steelworks site. In 2016, we used
513,140 tons of oxygen to produce 3.0 million tons of crude steel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Water</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Large amounts of water are also required in the
production of steel. Water serves as a solvent, a catalyst and a cleaning agent.
It is also used to cool, to carry away waste, to help produce and distribute
heat and power and to dilute liquids. Our source of water is the Para&#237;ba do Sul
River, which runs through the city of Volta Redonda. Over 92% of the water used
in the steelmaking process is recirculated and the balance, after careful
processing, is returned to the Para&#237;ba do Sul River. Since March&nbsp;2003, the
Brazilian government has imposed a monthly tax for our use of water from the
Para&#237;ba do Sul River, based on an annual fee of approximately R$1.530
million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electricity</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Steelmaking requires significant amounts of electricity
to power rolling mills, production lines, hot metal processing, coking plants
and auxiliary units. In 2016, our Presidente Vargas Steelworks consumed
approximately 2.64 million MWh of electric energy. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our main source of electricity is our thermoelectric
co-generation power plant at the Presidente Vargas Steelworks, which is fueled
by the gases from the steel production process, with 235.2 MW of installed
capacity. In addition, we have a 29.5% interest in the It&#225; Hydroelectric Power
Plant in Santa Catarina, through a 48.75% equity interest in ITASA, and a 17.9%
interest in the Igarapava Hydroelectric Power Plant in Minas Gerais, from which
we have ensured energy take of 167 MW on average and 23 MW on average,
respectively. In 2014, we installed a new turbine generator at the Presidente
Vargas Steelworks, which added 21 MW to our existing installed capacity. This
turbine is located near our Blast Furnace No. 3, using the outlet gases from the
iron making process to generate energy.&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Natural
Gas</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to electricity, we consume natural gas,
mainly in our hot strip mill. Companhia Estadual de G&#225;s do Rio de Janeiro S.A.,
or CEG Rio, which was privatized in 1997, is currently our major source of
natural gas. Variations in the supply of gas can affect the level of steel
production. We have not experienced any significant stoppages of production due
to a shortage of natural gas. We also purchase fuel oil from Petrobras and
Ra&#237;zen. In 2016, the Presidente Vargas Steelworks consumed 360 million
m<SUP>3</SUP> of natural gas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The market for natural gas is strongly correlated with
the electricity market. Brazilian electricity generation is based principally on
hydroelectric power, itself dependent on the level of Brazil&#8217;s reservoirs. As a
contingency against low levels of rainfall, there are several thermoelectric
power plants which use natural gas. Due to low levels of rainfall in 2013 and
2014, reservoirs reached their lowest level in the past ten years; consequently,
the Brazilian Electricity System Operator (Operador Nacional do Sistema
El&#233;trico), or ONS, increased the utilization of thermoelectric
generation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">34</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_35></A>
<a name="_bclPageBorder35"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Diesel
Oil</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In mid-October&nbsp;2006 and July 2008, we entered into
agreements with Companhia Brasileira de Petr&#243;leo Ipiranga, or Ipiranga, to
receive diesel oil in order to supply our equipment in our mining plants in the
state of Minas Gerais, which provide the iron ore, dolomite and limestone used
in our steel plant in Volta Redonda. In 2016, our consumption totaled 64,253
kiloliters of diesel oil, used to produce 32.174 million tons of iron ore, for
which we paid R$121.2 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Suppliers</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We acquire the inputs necessary for the production of our
products in Brazil and abroad, with aluminum, zinc, tin, spare parts, refractory
bricks, lubricants, oxygen, nitrogen, hydrogen and argon being the main inputs
acquired in Brazil. Coal and coke are the only inputs acquired abroad. In 2016,
we consumed 245,000 tons of third party slabs.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main raw materials suppliers are set forth
below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Main Suppliers&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Raw
      Material&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Vanomet
      and CSA</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Slabs</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Rio
      Tinto Coal, BHP, Drummond, AlphaCoal, Carbo One Limited, Jellimbah, Jim
      Walter Resources and Teck Coal</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Coal&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="74%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">CI
      Milpa, Sinochen, Noble and Coeclerici</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Coke&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Ibrame,
      Latasa, and Alumbras</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Aluminum&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Votorantim Metais (1)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Zinc&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">White
      Solder, ERSA, andMelt Metais </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Tin&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Sotreq,
      Metso, Continental, Komatsu, Simplex, Mason, Minas Maquinas and Michelan
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Spare
      parts&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.85pt">
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Magnesita, RHI, Vesuvius and Saint
      Gobain&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Refractory bricks&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="76%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Ipiranga and Cosan </FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Lubricants&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.95pt">
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">___________</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1) We
      depend on Votorantim Metais as it is the only supplier of zinc in
      Brazil.&nbsp; </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD width="74%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Flat Steel
Mill</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Presidente Vargas Steelworks, located in the city of
Volta Redonda, in the State of Rio de Janeiro, began operating in 1946. It is an
integrated facility covering approximately 4.0 square km and containing five
coke batteries (three of which are currently in operation), three sinter plants,
two blast furnaces, a basic oxygen furnace steel shop, or BOF shop, with three
converters, three continuous casting units, one hot strip mill, three cold strip
mills, two continuous pickling lines, one continuous annealing line, 28 batch
annealing furnaces, three continuous galvanizing lines, four continuous
annealing lines exclusively for tin mill products and six electrolytic tinning
lines.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Blast Furnace No. 2 was taken out of service by the end
of 2015 and remained under maintenance until October 2016, at which time we
decided to restart it. After 10 days of resumed operations, Blast Furnace No.2
returned to its regular production capacity.&nbsp; The annual production
capacity of steel at the Presidente Vargas Steelworks was 5.6 million
tons.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our major operational units and corresponding effective
capacities as of December&nbsp;31, 2016, including CSN LLC and Lusosider, are
set forth in the following chart: &nbsp;</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">35</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_36></A>
<DIV align=left>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Effective Capacity</FONT></B></P></DIV>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.1pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 5.65pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Tons&nbsp;<BR>per
year&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Equipment&nbsp;<BR>in
      operation&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Process: </FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Coking plant&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,525,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3
      batteries&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Sintering plant&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6,360,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3
      machines&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Blast furnace&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,380,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2
      furnaces&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">BOF shop&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,750,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3
      converters&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Continuous casting&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,600,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3
      casters&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Finished Products: </FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Hot strip mill&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,100,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1
      mill&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Cold strip mill&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,700,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6
      mills&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Galvanizing line&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,095,000&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">7
      lines&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.65pt">
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Electrolytic tinning line&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">930,000</FONT></P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5
      lines</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Downstream
Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN
Paran&#225;</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
&nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our CSN Paran&#225; branch produces and supplies plain regular
galvanized products, Galvalume&reg; products and pre-painted steel products for the
automotive, construction and home appliance industries. The plant has an annual
capacity of 330,000 tons of galvanized products and Galvalume&reg; products, 130,000
tons of pre-painted products, which can use cold-rolled or galvanized steel as
substrate, service capacity of 150,000 tons of sheets and narrow strips, and
220,000 tons of pickled hot-rolled coils in excess of the coils required for the
coating process.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN Porto
Real</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> &nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our CSN Porto Real branch produces and supplies plain
regular galvanized, Galvanew&reg; and tailored blanks mainly for the automotive
industry. The plant has an annual capacity of 350,000 tons of galvanized
products, including Galvanew&reg; products, and 150,000 tons of tailored blanks,
sheets and narrow strips, which can use cold-rolled or galvanized steel as a
substrate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Metalic</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2016, we sold a 99.99% stake in Metalic to
Can-Pack Brasil Ind&#250;stria de Embalagens Ltda., a Brazilian subsidiary of
Can-Pack S.A., a Polish metal packaging producer, for the amount of R$372.5
million. For more information regarding this sale, see Note 4 to our
consolidated financial statements included in &#8220;Item 18. Financial
Statements.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.4pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prada &nbsp;&nbsp;</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have a 99.99% ownership interest in Cia. Metal&#250;rgica
Prada, or Prada. Established in 1936, Prada is the largest Brazilian steel can
manufacturer and has an annual production capacity of over one billion cans in
its three industrial facilities: two located in the state of S&#227;o Paulo and one
in the state of Minas Gerais. Currently, we are the only Brazilian producer of
tin plate, Prada&#8217;s main raw material, which makes Prada one of our major
customers of tin plate products. Prada has important clients in the food and
chemical industries, including packages of vegetables, fish, dairy products,
meat, aerosols, paints and varnishes, and other business activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prada Distribui&#231;&#227;o is one of the leaders in the Brazilian
distribution market for steel products with 460,000 tons per year of installed
processing capacity. Prada Distribui&#231;&#227;o has one steel service center and six
distribution centers strategically located in the Southeast region of Brazil.
The service center is located in the city of Mogi das Cruzes between the cities
of S&#227;o Paulo and Rio de Janeiro. Its product mix also includes sheets, slit
coils, sections, tubes and roofing in standard or customized format, according
to clients&#8217; specifications. Prada Distribui&#231;&#227;o processes the entire range of
products produced by us and services 4,000 customers annually from the civil
construction, automotive and home appliances sectors, among others.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">36</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_37></A>
<a name="_bclPageBorder37"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companhia
Siderurgica Nacional, LLC</FONT></I><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN LLC holds the assets of former Heartland Steel, a
flat steel processing facility in Terre Haute, Indiana. This facility has an
annual cold rolling production capacity of 800,000 tons of full hard cold rolled
coils. Delivery capacity of cold-rolled and galvanized products are 280,000 and
315,000 tons/year, respectively. Currently, CSN LLC is obtaining raw materials
by buying hot rolled coils directly from mills in the United States or importing
from mills abroad. See &#8220;Item 4B. Government Regulation and Other Legal
Matters&#8212;Proceedings Related to Protectionist Measures&#8212;United States&#8221; for a
discussion about anti-dumping issues on Brazilian hot coils exports to the
United States.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Lusosider, A&#231;os Planos, S.A.</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We own 99.94% of Lusosider, a flat steel processing
facility located in Seixal, near Lisbon, Portugal. Lusosider has the capacity to
produce approximately 50,000 tons of hot-rolled pickled coils, 50,000 tons of
cold-rolled and 240,000 tons of galvanized products per year. Its main customers
include service centers and tube making industries.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN Distribui&#231;&#227;o</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have two service centers, one located in the city of
Cama&#231;ari, in the State of Bahia and one in the city of Jaboat&#227;o dos Guararapes,
in the state of Pernambuco, to support sales in the Northeastern and Northern
regions.&nbsp;There is also a Distribution Center in the city of Canoas, in the
state of Rio Grande do Sul, to support sales in the Southern region of
Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Long Steel Mills</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SWT&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In February 2012, we acquired Stahlwerke Thuringen, or
SWT, located in Unterwellenborn, Germany, which marked our entrance into the
long steel market. SWT specializes in the production of profiles, including IPE
(European I Beams) and HE (European Wide Flange Beams) sections, channels and
UPE (Channels with Parallel Flanges) sections and steel sleepers. In total, more
than 200 types of sections are produced according to different German and
international standards.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Production Output - SWT</FONT></B></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.3pt">
    <TD style="HEIGHT: 9.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="36%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(In
      thousands of tons)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Production of: </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Beam
      Blank (Crude Steel)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">823</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">794</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">844</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Long
      Steel (Finished Products)</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">782</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">743</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">758</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;Raw
Materials and Suppliers</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Raw
Materials and Energy Requirements</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The main raw material we use in our long steel operation
is scrap. In addition, our production operations consume electricity, natural
and technical gases and ancillary materials like ferroalloys, lime, dolomite and
foaming coal. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Scrap</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2014 and&nbsp;2015, scrap prices decreased
significantly. In 2016, scrap prices depreciated approximately 15% compared to
the previous year. Our scrap consumption totaled approximately 0.93 million tons
and accounted for nearly 56% of our production costs. We are able to obtain 70%
of our scrap needs from within a 250 km vicinity.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">37</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_38></A>
<a name="_bclPageBorder38"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ferroalloys,
lime and foaming coal</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Because we do not own any sources of alloys, lime or
foaming coal, we have to buy these materials in the spot market. Our traders are
located mostly in Europe and the materials come from different producers around
the world. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Rolls</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We consume different types of rolls in our rolling mill,
usually cast rolls which come from Germany, Italy, Slovenia and
China.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Graphite
electrodes</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the smelting shop (electric arc furnace) we use
graphite electrodes with a diameter of 750mm and in the ladle furnace we use
electrodes with a diameter of 400mm. The electrodes come from Europe, Japan and
China.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other raw materials</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In our production of steel we consume, on an annual
basis, amounts of electrodes, rolls, refractory materials and materials for
packaging and spare parts, which are mostly purchased from domestic
suppliers.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Water</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Large amounts of water are required in the production
process. Our source of water is the Saale river, located 5 km from the plant. We
use our own water station to pump water via pipelines to the plant.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electricity
and Natural Gas</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steelmaking also requires significant amounts of
electricity and natural gas, for which we have supply contracts. Under normal
conditions, we consume approximately 410 MW of firm guaranteed output of
electric energy and 450 million m&#179; of natural gas. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Suppliers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" 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;
</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We acquire the inputs necessary for the production of our
products in Germany and other countries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main raw materials suppliers are set forth
below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Main
      Suppliers</FONT><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Raw
      Material</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Scholz,
      TSR</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Scrap</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Verbund</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Electric Energy</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">E.on
      Ruhrgas</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Natural
      gas</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">RHI</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Refractory</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">SGL,
      Graftec, NCK</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Electrodes</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Siemens, Schneider, Voith</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Spare
      parts</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Irle,
      Walzengie&#223;erei Coswig</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Rolls</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Facilities -
SWT</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">SWT possesses a 28 km internal railway system and the
logistics infrastructure to ensure the supply of scrap</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">and the delivery of finished products. The main markets
served by SWT include: non-residential construction, equipment industries,
engineering and transport, in Germany and neighboring countries, including
Poland and the Czech Republic.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">38</FONT></P></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_39></A>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Effective Capacity</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> -
      SWT</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman">Tons&nbsp; per
      year</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #d0dbf0" vAlign=top width="6%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Equipment&nbsp; in operation</FONT></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Process: </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">EAF &#8211; Electric Arc Furnace</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1,100,000</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1 furnace</FONT></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Ladle Furnace</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1,100,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1 furnace</FONT></P></TD></TR>
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    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Finished Products:</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Section mill</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1,000,000</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1 mill</FONT></P></TD></TR>
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    <TD width="42%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Volta Redonda EAF Mill</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plant Characteristics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We completed a new plant mill for production of long
steel products in Volta Redonda and started assisted operations in December
2013. In 2014, we started ramping up the production process. The plant consists
of a 50t electric arc steelmaking furnace, 50t ladle metallurgy, continuous
casting machine for billets and a hot rolling mill for wire rod and reinforcing
bar. We expect this plant to reach up to 500,000 t/year output when fully
operational, providing the domestic market with products for civil construction
and high quality drawing and cold heading applications.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steelmaking Shop</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Designed for an output of 400,000 t/year, this unit
mainly consists of one 50t UHP, AC electric arc furnace, one 50t ladle furnace,
one continuous casting machine for billets with three strands, mobile equipment
and cranes, power supply, distribution facilities and auxiliary
equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Rolling Mill</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Designed for an output of 500,000 t/year, this unit has
one walking-beam reheating furnace, or RHF, a 4-stand blooming mill, a 250t hot
shear, a 6-stand roughing mill, a 6-stand intermediate mill, a 6-stand
pre-finishing mill, internal water cooling, a double length flying shear, a
stepping cooling bed, a 500t cold shear, transfer inspection stand, bundling
machine, a water-cooling section before wire finishing mill, a 10-stand
high-speed wire finishing mill, a water-cooling section after wire finishing
mill, a laying head, a loose coil cooling line, reforming device, bundling
machine, stripper and coil handling devices.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Production Output</FONT></B></P>
<DIV align=left>
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    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Certain
      Operating Statistics&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 9pt">
    <TD style="HEIGHT: 9pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (In thousands
      of tons)</FONT></B></P></TD>
    <TD style="HEIGHT: 9pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 9pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></P></TD>
    <TD style="HEIGHT: 9pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></TD>
    <TD style="HEIGHT: 9pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></TD></TR>
  <TR style="HEIGHT: 7.4pt">
    <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Production of: </FONT></B></P></TD>
    <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 9.65pt">
    <TD style="HEIGHT: 9.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Billets
      (Crude Steel)</FONT></B></P></TD>
    <TD style="HEIGHT: 9.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">197</FONT></P></TD>
    <TD style="HEIGHT: 9.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">151</FONT></P></TD>
    <TD style="HEIGHT: 9.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">105</FONT></P></TD></TR>
  <TR style="HEIGHT: 5.55pt">
    <TD style="HEIGHT: 5.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Long
      Steel (Finished Products)</FONT></B></P></TD>
    <TD style="HEIGHT: 5.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 5.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">186</FONT></P></TD>
    <TD style="HEIGHT: 5.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">131</FONT></P></TD>
    <TD style="HEIGHT: 5.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
      93</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Raw Materials and Energy Suppliers</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The main raw
material we use in our long steel operation in Volta Redonda is scrap, in
addition to pig iron. We also use blooms, which we produce at our BOF shop. In
addition, our production operations consume electricity, natural and technical
gases and ancillary materials like ferroalloys, lime, dolomite and foaming coal.
The supply sources for these materials are the same used for our flat steel
operations. See &#8220;Item 4B. Business Overview&#8212;Raw Materials and
Suppliers.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Mining Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our mining activities
are among the largest in Brazil and are mainly driven by the exploration of one
of our iron ore reserves, Casa de Pedra, in the State of Minas Gerais. We sell
our iron ore products mainly in Asia, Europe and Brazil with sales and marketing
taking place through our principal hubs in Minas Gerais, Brazil, and
Austria.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">39</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our
Mines</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman">Location,
Access and Operation</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra is an open pit mine located in the city of
Congonhas, in the State of Minas Gerais, Brazil, approximately 80 km south of
the city of Belo Horizonte and 360 km north of the city of Rio de Janeiro.&nbsp;
The site is approximately 1,000 meters above sea level and accessible from the
cities of Belo Horizonte or Congonhas through mostly paved roads.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra mine is a hematite-rich iron deposit of an
early proterozoic banded iron formation in Brazil&#8217;s Iron Ore Quadrangle
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), which is
located in the central part of the State of Minas Gerais in the Southeastern
region of Brazil and has been one of the most important iron producing regions
in Brazil for the last 50 years. It was incorporated into CSN in 1941, but has
been in operation since 1913.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The operational fleet at our Casa de Pedra mine has an
installed annual ROM capacity of approximately 100 million tons, and our
treatment facilities have an installed capacity of 33 million tons of products
per year. In Casa de Pedra we use electrical power provided by hydroelectric
plants.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra mine supplies all of our iron ore needs
except pellets, producing lump ore, sinter feed and pellet feed fines with high
iron content. The map below illustrates the location of our Casa de Pedra
mine:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><IMG id=Imagem5 alt=fp50a src="x17121523571800.jpg" width=470 height=227>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Engenho</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Engenho is also an open pit located in the Southwestern
region of the Iron Ore Quadrangle, 60 km south of the city of Belo Horizonte and
is accessible from the cities of Belo Horizonte or Congonhas through mostly
paved roads. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra and Engenho mines are now part of a company
named CSN Minera&#231;&#227;o, which resulted from the combination of the iron ore and
related logistic assets of CSN and Namisa.&nbsp; See &#8220;Item 5A. Operating
Results&#8212;Specific Events Affecting our Results of Operations&#8221; for more
information on the transaction.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fernandinho</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Fernandinho mine is located in the city of Itabirito,
in the State of Minas Gerais. This city is located in the Mid-Eastern region of
the State of Minas Gerais and approximately 40 km from the city of Belo
Horizonte. Fernandinho is an open pit mine and is accessible from the cities of
Belo Horizonte or Itabirito through mostly paved roads.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">40</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Fernandinho mine also started operations in 1950 and
production is currently on hold due to its low profitability given the current
level of iron ore prices. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Limestone
and Dolomite Mine</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our extraction and preparation of limestone and dolomite
is done at our Bocaina mining facility located in the city of Arcos, in the
State of Minas Gerais. Bocaina is an open pit mine and it can be accessed from
the cities of Belo Horizonte, located approximately 230 km away, and Volta
Redonda (where the Presidente Vargas Steelworks is situated), located
approximately 462 km away, through mostly paved roads.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, a new crushing plant started, increasing the
installed capacity to approximately 15 million tons per year. This mining
facility has sufficient limestone and dolomite reserves to adequately supply our
steel production at current levels for 39 years.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tin</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We own a tin operation in Itapu&#227; do Oeste, in the State
of Rond&#244;nia, through our subsidiary Estanho de Rond&#244;nia S.A. (ERSA). This
facility has an installed annual production capacity of approximately 3,200 tons
of tin, which we use substantially as a raw material to produce tin plate, a
coated steel product. A small part of our tin production that is not used as raw
material is sold to third parties; however, the results from these sales are
insignificant to our consolidated results.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mineral
Rights and Ownership</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Mining Code and the Brazilian Federal Constitution
impose requirements on mining companies relating to, among other things, the
manner in which mineral deposits are exploited, the health and safety of
workers, the protection and restoration of the environment, the prevention of
pollution and the promotion of the health and safety of local communities where
the mines are located. The Mining Code also imposes certain notifications and
reporting requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We hold concessions to mine iron ore, limestone and
dolomite. We purchase manganese in the local market.&nbsp; We own 87.52% of CSN
Minera&#231;&#227;o mines and 100% of Bocaina and Santa B&#225;rbara mines. In addition, each
mine is an &#8220;open pit&#8221; mine. Iron ore extraction, crushing, screening and
concentration are done in three different sites: Casa de Pedra mine and Pires
beneficiation plant (all CSN Minera&#231;&#227;o&#8217;s property) and Fernandinho mine, a
Min&#233;rios Nacional&#8217;s property.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our mining rights for Casa de Pedra include the mine, a
beneficiation plant, roads, a loading yard and a railway branch and are duly
registered with the Brazilian Department of Mineral Production (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or DNPM. DNPM has also granted us easements in 19 mine
areas located in the surrounding region, which are not currently part of Casa de
Pedra mine.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We believe we have obtained and are in compliance with
all licenses and authorizations for our operations and projects at Casa de Pedra
mine.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exploration undertaken at the Casa de Pedra mine is
subject to mining lease restrictions, which were reflected in our iron ore
reserve calculations. Quality requirements (chemical and physical) are the key
&#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were
properly accounted for by us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face="Times New Roman">&nbsp;</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mineral
Reserves</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth for each of our mines the
type of mine, period of operation, projected exhaustion dates and percentage of
our interest:</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">41</FONT></P></DIV>
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<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Mine</FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></DIV></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Type</FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></DIV></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Operating
      Since</FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></DIV></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Projected
      exhaustion date</FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></DIV></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">CSN %
      interest</FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></DIV></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Iron: </FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Casa de Pedra (Congonhas,
      Minas&nbsp;Gerais)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Open pit&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1913&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">2040&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">87.52&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Engenho (Congonhas,
      Minas&nbsp;Gerais)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Open pit&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2007 (Start of
      operation by Namisa)</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">2040&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">87.52&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Fernandinho (Itabirito,
      Minas&nbsp;Gerais)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Open pit&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2007 (Start of
      operation by Namisa)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">2039&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">100&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=9>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Limestone and Dolomite: </FONT><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Bocaina (Arcos, Minas Gerais)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Open pit&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1946&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">2055&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">100&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Tin</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Santa Barbara (Itapu&#227; do Oeste,
      Rondonia)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Open pit&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1950</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">2054</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">100&nbsp;</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below sets forth our estimates of proven and
probable reserves and other mineral deposits at our mines reflecting the results
of reserve studies. They have been calculated in accordance with the technical
definitions contained in the SEC&#8217;s Industry Guide 7, and estimates of mine life
described herein are derived from such reserve estimates. The mineralized
material disclosed are for the entire mines, and not just for our proportional
interest in the mines.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the most recent reserve audit conducted in 2014, the
losses for mine dilution and mining recovery considered were 5% each for both
Casa de Pedra and Engenho mines.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2014, we audited resources and reserves for Casa de
Pedra and Engenho mines and only resources for Fernandinho mine. We do not have
audited resources/reserves studies for our Bocaina mine, thus the
resources/reserves presented in the table below were not audited by any third
parties for that mine.&nbsp; As for our Santa Barbara mine, we do not have
reserve estimates and do not currently plan to begin campaigns to complete a
study in connection with this property in light of its low materiality to our
business.</FONT></P><IMG src="x17121523571900.jpg" width=567 height=242>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt" align=center>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)&nbsp;
&nbsp; &nbsp; Reserves means the part of a mineral deposit which could be
economically and legally extracted or produced at the time of the reserve
determination. </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">We do not
have reserve audits for the Fernandinho mine. The reserves for the Casa de Pedra
and Fernandinho mines were audited in December,&nbsp; 2014, and we have reduced
the amount of proven reserves by our annual production since then.&nbsp;
<BR>(2)&nbsp; &nbsp; &nbsp; Represents ROM material.&nbsp; <BR>(3)&nbsp; &nbsp;
&nbsp; Grade is the proportion of metal or mineral present in ore or any other
host material.&nbsp; <BR>(4)&nbsp; &nbsp; &nbsp; Represents total product
tonnage after mining and processing losses.<BR>(5)&nbsp; &nbsp; &nbsp; Means
reserves for which:&nbsp; (i) quantity is computed from dimensions revealed in
outcrops, trenches, workings or drill holes; grade and/or quality are computed
from the results of detailed sampling; and (ii)&nbsp;the sites for inspection,
sampling and measurement are spaced so closely and the geologic character is so
well defined that size, shape, depth and mineral content of reserves are well-
established.<BR>(6)&nbsp; &nbsp; &nbsp; Means reserves for which quantity and
grade and /or quality are computed from information similar to that used for
proven (measure) reserves, </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">but the sites
for inspection, sampling and measurement are farther apart or are otherwise less
adequately spaced.&nbsp; The degree of assurance, although lower than that for
proven (measure) reserves, is high enough to assume continuity between points of
observation.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">42</FONT></P>
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<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The metallurgical
recovery factor is the proportion of iron in the ore delivered to the processing
plant that is recovered by the metallurgical process. In 2016, the metallurgical
recovery factor obtained by Casa de Pedra concentration plant was 80.8%. In
2016, the Pires plant was operated through a dry process and had no
metallurgical recovery factor.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The
cutoff grade is the minimum ore percentage that determines which material will
be fed in the processing plant. The cutoff grade value for Casa de Pedra and
Engenho mines considered in the most recent audit is 23.37%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The prices used in the 2014 audit for the estimation of
Casa de Pedra reserves are shown in the following table. As shown, the product
price we assumed to estimate our reserves is based on expectations of an average
long term price of US$90 per ton,&nbsp;considering that as a reasonable price
for a sustainable development of the iron ore market.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 399.2pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="37%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman">Price for the three years prior to the
      audit</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman">Long term average</FONT></P></TD></TR>
  <TR style="HEIGHT: 9.3pt">
    <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="37%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman">(US$/t)</FONT></P></TD>
    <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman">(US$/t)</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.85pt">
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">2011</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">2012</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">2013</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman">Assumption</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.85pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">Platts
      62Fe CFR N.China ($/dmt)</FONT></B></P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">169</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">130</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">135</FONT></P></TD>
    <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">90</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2012, we started a multi-year study of our iron ore
resources and reserves at Casa de Pedra. The study consists two stages, the
first stage of which was completed at the end of October 2013, and the second
stage, which involves more drillings and research of the deposit, was concluded
in December 2014. Both stages of this new study of resources and reserves of
Casa de Pedra mine are in accordance with best pratices in the iron ore market.
We had drilled 106,919.58 and 21,013.95 meters in the first and second stages,
respectively. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;We conducted extensive work throughout 2014 to
document and classify all information related to both the current and future
operations of the Casa de Pedra mine. In 2014, we hired Snowden Group to
undertake an independent analysis of the Casa de Pedra iron ore resources and
reserves. Snowden carried out a full analysis of all available information and
has independently validated our reported resources and reserves.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Snowden accepts as appropriate the estimates regarding
proven and probable reserves made by us, totaling 2,704 million tons of iron ore
(as of December 31, 2014) at a grade of 41.36% Fe and 36.46% SiO2. This new
estimate of our iron ore reserves at Casa de Pedra is significantly larger than
our estimate of 1,631 million tons contained in an appraisal report prepared in
2006 by Golder Associates. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Over the course of the Casa de Pedra Mine&#8217;s life we have
executed different drilling campaigns andwe are currently executing only short
term drilling campaign of about 1,150 meters per year. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Engenho and Fernandinho</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2012, we started the same process used at Casa de
Pedra to identify iron ore resources and reserves at the Engenho in two
stages.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">43</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We conducted extensive work throughout 2014 to document
and classify all information related to both the current and future operations
of the Engenho and Fernandinho mines. In 2014, we hired Snowden Group to conduct
an independent analysis of the Engenho iron ore resources and reserves and
Fernandinho resources. Snowden carried out a full analysis of all available
information and has independently validated our reported resources and
reserves.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">Snowden accepts as appropriate the estimates regarding
proven and probable reserves made by us, totaling 317 million tons of iron ore
for Engenho (as of December 31, 2014) at a grade of 39.48% Fe and 40.01%
SiO2.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">From November 2012 to October 2013 we drilled 9,954.8
meters and 8,107.4 meters until December 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Production</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Casa de
Pedra</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Casa de Pedra facilities are located in the city of
Congonhas, in the State of Minas Gerais. The Casa de Pedra mine is located 350
km from the Presidente Vargas Steelworks and supplies iron ore products to our
steel mill, as well as for export through the Itagua&#237; Port. Casa de Pedra&#8217;s
equipment fleet and treatment facilities have an installed annual ROM capacity
of approximately 100&nbsp;million tons. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pires and
Fernandinho Beneficiation Plants</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pires plant is the beneficiation plant of CSN Minera&#231;&#227;o.
The plant receives material from Engenho mine (located at the Northern border of
the Casa de Pedra mine) and processes crude ore acquired from other companies,
which, along with its own ROM, generates final products such as: lump ore,
sinter feed and concentrates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fernandinho plant receives material from Fernandinho mine
(located in the city of Itabirito) and generates sinter feed and fines as final
products.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table
below sets forth production of iron ore of our mines for the last three
years:</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></I></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.5pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 16.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 16.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #5a5a5a; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="44%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">Production<SUP>(1)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2016</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Casa de Pedra <SUP>(2)</SUP> (Mt)</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">21.65</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">26.24</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">29.46</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Grade (%)</FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63.8%</FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63.8%</FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63.1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Pires<SUP> (2)</SUP> (Mt)</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3.8</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1.6</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2.71</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Grade (%)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">62.1%</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">63.9%</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">61.0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Fernandinho<SUP>(2)</SUP> (Mt)</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0.6</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0.0</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0.0</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Grade (%)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">59.5%</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">(1) In addition
to its own production, Namisa also purchased iron ore from third parties. Third
party purchase volumes totaled, 8.3 million tons and 3.1 million tons in 2014
and 2015, respectively. In 2016, CSN Minera&#231;&#227;o purchased 3.4 million tons from
third parties. </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">(2) Production
information considers 100% of the mines. </FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.5pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 16.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="57%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 16.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #5a5a5a; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="43%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">CSN Consolidated
    Sales<SUP>(1)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2015<SUP>(2)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #7f7f7f; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=white face="times new roman">2016<SUP>(2)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="57%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Sales (Mt)</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">28.88</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">25.67</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">36.98</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="57%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Net Revenue Per Unit
      (US$/t)</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">64</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">26.91</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #f2f2f2; 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><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">35.59</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 12pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Consolidated sales consider 100% of Namisa&#8217;s Sales Volume
until November 2015 (considering our proportionate interest of 60% in Namisa
until November 2015, the iron ore sales volume were 25.24 Mt and 23.86 Mt in
2014 and 2015, respectively). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 12pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Since December 2015, we have been considering 100% stake
of CSN Minera&#231;&#227;o. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">44</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transportation costs are a significant component of our
steel and iron ore production costs and are a factor in our price
competitiveness in the export market.&nbsp; Railway is the main means of
transport by which we convey raw materials from our mines to the Presidente
Vargas Steelworks and steel and iron ore products to ports for shipment
overseas.&nbsp; Iron ore, limestone and dolomite from our two mines located in
the State of Minas Gerais are transported by railroad to the Presidente Vargas
Steelworks for processing into steel.&nbsp; The distances from our mines to the
Presidente Vargas Steelworks are 328 km and 455 km.&nbsp; The distances from our
mines to the ports are 440 km and 160 km.&nbsp; Imported coal and coke bought
from foreign suppliers are unloaded at the port of Itagua&#237;, 90 km west of the
city of Rio de Janeiro, and shipped 109 km by train to the Presidente Vargas
Steelworks.&nbsp; Our finished steel products are transported by train, truck
and ships to our customers throughout Brazil and abroad.&nbsp; Our most
important local markets are the cities of S&#227;o Paulo (335 km from the Presidente
Vargas Steelworks), Rio de Janeiro (120 km) and Belo Horizonte (429
km).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Until recently, Brazil&#8217;s railway system (including
railcars and tracks) was principally government-owned and in need of repair, but
it has now been largely privatized.&nbsp; In an attempt to increase the
reliability of our rail transportation, we hold interests in companies that hold
concessions for the main railway systems we use.&nbsp; For further information
on our railway concessions, see &#8220;&#8212;Facilities&#8212;Railways.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We export iron ore and import coal and coke through the
Itagua&#237; Port, in the State of Rio de Janeiro. The coal and container terminals
have been operated by us since August&nbsp;1997 and 1998,
respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Logistics
Segment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman">Our logistics segment is comprised of railway and port
facilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Railways</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Southeastern
Railway System</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">MRS has a 30-year concession to operate, through the year
2026 and renewable for an
equal&nbsp;period&nbsp;of&nbsp;30&nbsp;years,&nbsp;Brazil&#8217;s Southeastern railway
system.&nbsp;As of December&nbsp;31,&nbsp;2016,&nbsp;we&nbsp;held 34.94% of
MRS&#8217;s total capital. For more information see &#8220;Item 5E. Off-Balance Sheet
Arrangements.&#8221; The Brazilian Southeastern railway system, with 1,643 km of
track, serves the S&#227;o Paulo - Rio de Janeiro - Belo Horizonte industrial
triangle in Southeast Brazil, and links our mines located in the State of Minas
Gerais to the ports located in the states of S&#227;o Paulo and Rio de Janeiro and to
the steel mills of CSN, Companhia Sider&#250;rgica Paulista or Cosipa, and Gerdau
A&#231;ominas. In addition to serving other customers, the railway transports iron
ore from our mines at Casa de Pedra in the State of Minas Gerais and coke and
coal from Itagua&#237; Port in the State of Rio de Janeiro to the Presidente Vargas
Steelworks and transports our exports to the ports of Itagua&#237; and Rio de
Janeiro. The railway system connects the
Presidente&nbsp;Vargas&nbsp;Steelworks&nbsp;to the container terminal at Itagua&#237;
Port, which&nbsp;handles&nbsp;most of our steel exports. Our transport volumes
represent approximately&nbsp;24% of&nbsp;the&nbsp;Brazilian&nbsp;Southeastern
railway system&#8217;s total volume. We are jointly and severally liable, along with
the other main MRS shareholders, for the full payment of the outstanding amount
of its indebtedness (See &#8220;Item 5E. Off-Balance Sheet Arrangements&#8221;). However, we
expect that MRS will make the lease payments through internally generated funds
and proceeds from financing.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeastern
Railway System</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We hold interest in companies that have concessions to
operate the Northeastern railway system, which operates in the states of
Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte and
connects with the region&#8217;s leading ports, offering an important competitive
advantage through opportunities for intermodal transportation solutions and
made-to-measure logistics projects. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 1997, we were awarded a concession granting the
exclusive right to operate cargo railway transportation at the RFFSA, which we
currently call Northeastern Railway System I, effective January 1, 1998, and the
preference to operate cargo railway transportation in any new tracks of the
Northeastern Railway System that the Brazilian government elected to
build.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">45</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2005, we executed a letter of intent with the
Brazilian government (the grantor of this concession) to enable the development
of new tracks and certain other improvements of the Northeastern Railway System,
in a project called &#8220;Nova Transnordestina.&#8221; The Nova Transnordestina project
discussions resulted in the execution, in 2013 and 2014, of a TAC, which settled
all claims of non-compliance by us with the original concession agreement until
2012, and multiple agreements, including an investment agreement (discussed
below) and a new concession, pursuant to which we were granted the right to
develop and operate new tracks and the Northeastern Railway System management
was divided in two sub-railway systems:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeastern Railway System I, which is in operation by
our subsidiary FTL, encompasses the RFFSA network, covering the stretches
between the cities of S&#227;o Lu&#237;s &#8211; Mucuripe, Arrojado &#8211; Recife, Itabaiana &#8211;
Cabedelo, Paula Cavalcante &#8211; Macau and Propi&#225; &#8211; Jorge Lins, with 4,238 km of
railways, , of wich 1,191 km are operational and the rest are in negociation
process with the National Agency for Ground Transportation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ag&#234;ncia Nacional de Transportes
Terrestres</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or ANTT.
As of December 31, 2016, we held 90.78% of the capital stock of FTL and its
concession extends until 2027, renewable for an additional 30 years. As of
December 31, 2016, R$95.4 million in concession payments were outstanding over
the remaining 11 years of the concession.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeastern Railway System II, which is under
construction by our jointly controlled investee TLSA, will encompass the new
network, covering the stretches between the cities of Miss&#227;o Velha &#8211; Salgueiro,
Salgueiro &#8211; Trindade, Trindade &#8211; Eliseu Martins, Salgueiro &#8211; Porto de Suape and
Miss&#227;o Velha &#8211; Porto de Pec&#233;m, with an expected extension of 1,753 km that will
connect the interior of Northeast Brazil to Pec&#233;m and Suape Ports. As of
December 31, 2016, we held 49.01% of the capital stock of TLSA and its
concession extends until the earlier of 2057 or the date when TLSA reaches a
rate of annual return of 6.75% of its invested capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">On September 20, 2013, we entered into an investment
agreement, or TLSA Investment Agreement, with our partners in TLSA, Valec
Engenharia, Constru&#231;&#245;es e Ferrovias S.A., or Valec, and Fundo de Desenvolvimento
do Nordeste, or FDNE, two Brazilian government entities focused on
infrastructure and the development of the northeastern region. Under the TLSA
Investment Agreement we and our partners agreed on a budget of R$7.5 billion to
complete the construction of the Northeastern Railway System II. A revised
budget of approximately R$11.2 billion has been already approved by FINOR, or
Fundo de Investimentos do Nordeste, and it is currently being revised and under
approval by FDNE. If the construction of Northeastern Railway System II requires
funds in addition to the budget, they will be provided by us or third parties
under Trackage Right Agreements.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The TLSA
Investment Agreement also provides for indicative terms and conditions,
including amounts, under which Banco Nacional de Desenvolvimento Econ&#244;mico e
Social &#8211; BNDES, agreed to provide long-term financing for the completion of
Northeastern Railway System II. Although we have received indicative terms, the
financing is subject to several conditions, including the satisfactory
completion of internal and credit approval processes by lenders. If any of the
conditions are not met, including final credit approval by the lenders in terms
and costs reasonable to us, we may not be able to obtain the financing. The
other long-term financing from FDNE and FNE, or Fundo Constitucional de
Desenvolvimento do Nordeste, has been already taken by TLSA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The TCU &#8211; Tribunal de Contas da Uni&#227;o - has initiated a
proceeding questioning the legality of certain aspects of the concession
contract for the Northeastern Railway System II, which has contributed to a slow
pace of construction of the new tracks, and the ANTT has initiated a proceeding
claimingTLSA did not comply with the terms of the concession contract for the
Northeastern Railway System I. &nbsp;In April 2017, the Brazilian government
created an inter-ministerial working group comprised of variousGovernment
representatives in order to identify and implement alternatives to continue the
Northeastern Railway System projects, which may include the settlement of the
TCU and ANTT proceedings. See &#8220;Item 8A. Financial Information&#8212;Consolidated
Statements and Other Financial Information&#8212;Legal Proceedings&#8212;Northeastern
Railway System Proceedings.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Port
Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Solid Bulks
Terminal</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We operate an integrated and modern logistics structure.
Part of this structure includes the operation of TECAR through a concession
renewed in 2015 and expiring in 2047.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">TECAR is connected to road and rail systems across
Southeastern Brazil and is one of the four port terminals that make up the Port
of Itagua&#237; facilities. With a strategic location and a total area of 740,761 m&#178;,
the terminal consists of a concrete molded berthing pier superposed on jacketed
stilts connected to the mainland by an access bridge perpendicular to the
berthing pier. Its backyard includes conveyor belts, an internal road system,
bulk storage yards, a railway looping, as well as industrial and administrative
facilities.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our imports of coal and coke and exports of iron ore
occur through this terminal. Under the terms of the concession, we have the
obligation to unload at least 3.0 million tons of coal and coke
annually</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and, as of
2020, to ship 38.4 million tons of iron ore annually. Among the approved
investments that we had previously announced was the development and expansion
of the solid bulks terminal at Itagua&#237;; its phase 1 expansion to handle up
to&nbsp;45&nbsp;million tons of iron ore per year was completed in 2013. For
further information, see &#8220;&#8212;D. Property, Plant and Equipment&#8212;Planned
Investments&#8212;Mining.&#8221;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Container
Terminal</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We own 99.99% of Sepetiba Tecon S.A., or TECON, which has
a concession to operate the container terminal at Itagua&#237; Port for a 25-year
term expiring in 2026, that is renewable for another 25 years. As of
December&nbsp;31, 2016, approximately US$86&nbsp;million of the cost of the
concession remained payable over the next 10 years of the contract. &nbsp;For
more information, see &#8220;Item 5E. Off-Balance Sheet Arrangements.&#8221;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;The Itagua&#237; Port is located in Brazil&#8217;s Southeast
Region, with all major exporting and importing areas of the states of S&#227;o Paulo,
Minas Gerais and Rio de Janeiro within 500 km from the port. This area
represented more than 55% of the Brazilian gross domestic product, or GDP, in
2014, according to the Brazilian Geography and Statistics Institute (Instituto
Brasileiro de Geografia e Estat&#237;stica). </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian Federal Port Agency has made investments in
port infrastructure projects such as expanding the maritime access channel to
the Itagua&#237; Port and increasing its depth. In addition, significant investments
were made by the Brazilian government in adding two extra lanes to the
Rio-Santos road, and in constructing the Rio de Janeiro Metropolitan Bypass, a
beltway that crosses the Rio de Janeiro metropolitan area. Favorable natural
conditions, such as natural deep waters and a low urbanization rate around the
port area, allow the operation of large vessels as well as highly competitive
prices for all services rendered.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have invested in infrastructure and equipment at
Sepetiba TECON, such as the Berth 301 Equalization, the acquisition of two new
Super Post Panamax Ship-to-Shore Cranes and four new RTG cranes for yard
operations, that were delivered in the first quarter of 2014. These investments,
along with the previous ones, like the dredging of Sepetiba Tecon&#8217;s Berths
302/303 and access channel to &#8209;15.5m depth, increased TECON&#8217;s capacity from
320,000 containers (or 480,000 TEUs) to 440,000 containers (or 660,000 TEUs) per
year. In 2016, we started to invest in the automation process through systems
and equipment, in physical restructuring of the yard and in dredging for
terminal access adequacy for the unrestricted receipt of large ships. These
investments are expected to be concluded in 2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Due to the global shipping downturn associated with the
effects of overcapacity and decline in freight prices, the shipowners adjusted
their scales to concentrate them at the port of Santos. Therefore, in 2016,
there was a decrease in the volume of containers operated by the terminal, which
handled 140,024 units, a decrease of 8% compared to 2015. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We exported 804,460 tons of steel products in 2016, a
decrease of 13% compared to 926,155 tons in 2015. In other cargo, we also
handled a volume of 24,576 tons. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Cement
Segment</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our cement segment is comprised of cement plant in Volta
Redonda, in the state of Rio de Janeiro, and in Arcos, in the state of Minas
Gerais. </FONT></P>
<DIV></DIV>
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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2015, two new grinding facilities were delivered in
Arcos, increasing its annual capacity by 2.3 million tons of cement. In 2016, a
new clinker kiln line was delivered allowing CSN to achieve self-sufficiency in
the production of this raw material.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Production</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The cement production is held at Volta Redonda and Arcos
and begins with the influx of raw materials: clinker, limestone, gypsum and
slag. The clinker is produced in our plant in Arcos, where limestone, clay and
other correctives such as iron ore and bauxite are ground in a raw mill and
calcined inside the kiln. The clinker and limestone are stored in silos and
warehouses and come in part from Arcos to Volta Redonda by rail. Slag is a
by-product of iron and steel, produced in the blast furnace, and is also stored
in the warehouse, arriving at the plant by road. CSN uses natural gypsum, which
arrives at the plant by truck and is stored in the warehouse.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">All transportation of raw materials within the plant is
carried out by conveyor belts, placing inputs in scales according to a
predefined formula and delivering them to the mills. In Volta Redonda, there are
two grinding lines and each mill has a nominal capacity of 170 tons/h and in
Arcos the other two grinding lines have a nominal capacity of 160 tons/h each,
resulting in an annual plant capacity of 2.4 million tons of cement in Volta
Redonda and 2.3 million tons in Arcos. The mill has a hydraulic roller system,
which uses pressure to grind the layer of material on the turntable. In Volta
Redonda, a&nbsp;hot gas, derived from the combustion of natural gas or petroleum
coke, is used in the mills to dry materials.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The types of cement we produce are: CP III-40 RS, CP
II-E-32,CP II-E-40 and CP II-F in bagged and bulk forms. Our Volta Redonda plant
has four silos, two of them with 10,000 tons of capacity and two with 5,000 tons
of capacity. Our Arcos plant has a multichamber silo with 7 chambers and 28,000
tons of total capacity. Cement can be shipped in bagged and bulk
forms.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Energy
Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our energy segment is comprised of generation plants and
is aimed at enabling us to maintain our self-sufficiency in energy, reducing our
production cost and our exposure to fluctuations or availability of certain
energy sources.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our energy related assets include:</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Thermoelectric Co-Generation Power Plant</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We completed the construction of a 235.2 MW
thermoelectric co-generation power plant at the Presidente Vargas Steelworks in
December&nbsp;1999. Since October&nbsp;2000, the plant has provided the
steelworks with approximately 60% of the electric energy needed in its steel
mills. Aside from operational improvements, the power plant supplies our strip
mills with electric energy, processed steam and forced air from the blast
furnaces, benefiting the surrounding environment through the elimination of
flares that burn steel-processing gases into the atmosphere. In addition, we
installed a new turbine generator in 2014, which added 21 MW to our existing
installed capacity. This turbine is located near our Blast Furnace No. 3, and
uses the outlet gases from the iron making process to generate approximately
11,72 MW of firm guaranteed output energy in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">It&#225;
Hydroelectric Facility</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN and ENGIE each own 48.75% of ITASA, a special-purpose
company formed for the purpose of owning and operating, under a 30-year
concession granted in 2000, 60.5% of the It&#225; hydroelectric facility on the
Uruguay river in Southern Brazil. Companhia de Cimento Itamb&#233;, or Itamb&#233;, owns
2.5% of ITASA. Tractebel directly owns the remaining 39.5% of the It&#225;
hydroelectric facility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The power facility was built using a project finance
structure with an investment of approximately US$860&nbsp;million. The long-term
financing for the project was closed in March&nbsp;2001 and consisted of
US$78&nbsp;million in debentures issued by ITASA, a US$144&nbsp;million loan
from private banks and US$116&nbsp;million of direct financing from BNDES, all
of which were paid in February 2013. The sponsors of the project have invested
approximately US$306&nbsp;million in this project. </FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">48</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_49></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">It&#225; has an installed capacity of 1,450 MW, with a firm
guaranteed output of 668 MW, and became fully operational in
March&nbsp;2001.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We and the other shareholders of ITASA have the right to
take our pro rata share (proportional to our ownership interest in the project)
of It&#225;&#8217;s output pursuant to 30-year power purchase agreements at a fixed price
per megawatt hour, adjusted annually for inflation. Since October&nbsp;2002, we
have been using our entire It&#225; take internally.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Igarapava
Hydroelectric Facility</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We own 17.9% of a consortium that built and has the right
to operate for 30 years the Igarapava hydroelectric facility. Other consortium
members are Alian&#231;a, Votorantim Metais Zinco and AngloGold Ashanti Minera&#231;&#227;o
Ltda. The plant has an installed capacity of 210 MW, corresponding to 136 MW of
firm guaranteed output. We have been using our 23 MW take from Igarapava to
supply energy to the Arcos mines and our other units. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Marketing
Organization and Strategy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Flat
Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our steel products are sold both domestically and abroad
as a main raw material for several different manufacturing industries, including
the automotive, home appliance, packaging, construction and steel processing
industries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our sales approach is to establish brand loyalty and
achieve a reputation for quality products by developing relationships with our
clients and focusing on their specific needs, providing tailor-made solutions
for each of our clients.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our commercial area is responsible for sales of all of
our products. This area is divided into two major teams, one focused on
international sales and the other on domestic sales. The domestic market
oriented sales team is divided into seven market segments: Packaging,
Distribution Network, Automotive Industry (Automakers and Auto Parts), Home
Appliances, Original Equipment Manufacturer, or OEM, Construction and Pipes. The
commercial area also has a team called &#8220;Special Sales&#8221; which is responsible for
selling all the process residues, such as blast furnace slag, pitch and ammonia,
which are widely used as inputs in chemical and cement industries. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Distribution Network division is responsible for
supplying large steel processors and distributors. Besides the independent
distributors, CSN also has its own distributor, called Prada Distribui&#231;&#227;o. The
Pipes division supplies oil and gas pipe manufacturers as well as some
industries that produce small diameter pipe and light profiles. The Packaging
unit acts in an integrated way with suppliers, representatives of the canning
industry and distributors to respond to customer needs for finished-products.
The Automotive unit is supplied by a specialized mill, CSN Porto Real, and also
by a portion of the galvanized material produced at Presidente Vargas
Steelworks, benefitting from a combined sales strategy.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Historically, our export sales were made primarily
through international brokers. However, as part of our strategy to establish
direct, longer-term relationships with end-users, we have decreased our reliance
on such brokers. We have focused our international sales on more profitable
markets in order to maximize revenues and shareholder returns.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">All of our sales are on an order-by-order basis and have
an average delivery time of 45 days. As a result, our production levels closely
reflect our order log book status. We forecast sales trends in both the domestic
and export markets based on the historical data available and the general
economic outlook for the near future. We have our own data systems to remain
informed of worldwide and Brazilian market developments. Further, our management
believes that one of the keys to our success is maintaining a presence in the
export market. Such presence gives us the flexibility to shift between domestic
and export markets, thereby allowing us to maximize our
profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Unlike with other commodity products, there is no
exchange trading of steel, or uniform pricing, as wide differences exist in
terms of size, quality and specifications. In general, exports are priced based
on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">international spot prices of steel at the time of sale in
U.S. dollars or Euros, depending on the destination. Sales are normally paid up
front, or within 14 or 28 days, and, in the case of exports, usually backed by a
letter of credit and an insurance policy. Sales are made primarily on cost and
freight terms.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">49</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_50></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sales by
Geographic Region</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, we sold steel products to customers in Brazil as
well as to customers in 35 other countries. The fluctuations in the portion of
total sales assigned to domestic and international markets, which can be seen in
the table below, reflect our ability to adjust sales in light of variations in
the domestic and international economies, as well as steel demand and prices,
both domestically and abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The two main export markets for our products are Europe
and North America, representing approximately 57% and 37%, respectively, of our
export sales volume in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In North America, we utilize our subsidiary CSN LLC,
which acts as a commercial channel for our products. CSN has historically
shipped hot-rolled to CSN LLC which is then processed and transformed into more
value-added products at CSN LLC&#8217;s plant, such as cold-rolled coil and
galvanized. Moreover, we are able to export cold-rolled coils which can be
directly sold or processed by CSN LLC in order to manufacture galvanized
products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt">&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid" width="100%" colSpan=13>
      <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">CSN &#8211;
      Sales of All Steel Products by Destination</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="100%" colSpan=13>
      <P style="TEXT-ALIGN: center" align=center><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(In
      thousands of tons and millions of R$)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD width="28%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="24%" colSpan=4>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD width="24%" colSpan=4>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD width="24%" colSpan=4>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="28%"><FONT style="LINE-HEIGHT: normal" face="times new roman"></FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues(2)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues(2)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues(2)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">% of
      Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Brazil</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,784</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">57.31%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">6,815</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">60.82%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,968</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">59.50%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">6,612</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">60.40%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">3,718</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">72.00%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">8,493</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">75.40%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Export</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,073</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">42.69%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4,391</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">39.18%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,023</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">40.50%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4,332</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">39.60%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,460</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">28.00%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,764</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">24.60%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Total</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4,857</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">11,205</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4,990</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">10,944</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">5,178</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">11,257</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">100%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">Exports
      by Region</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;
      </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top width="6%"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; LINE-HEIGHT: normal">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Asia</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">18</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">31</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">9</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">17</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">48</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">3.20%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">78</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2.80%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">North America(1)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">759</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">36.62%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,802</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">41.05%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">802</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">39.70%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,834</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">42.30%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">289</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">19.70%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">669</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">24.20%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Latin America</FONT></B></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">95</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4.58%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">260</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">5.91%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">115</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">5.70%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">376</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">8.70%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">59</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">4.00%</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">161</FONT></P></TD>
    <TD width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">5.80%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0" width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Europe</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,189</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">57.34%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,269</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">51.69%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,090</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">53.90%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,087</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">48.20%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,057</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">72.10%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1,840</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">66.60%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="28%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">All Others</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">12</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">29</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">1%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">7</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">18</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">7</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0.50%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">16</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">0.60%</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman"><BR>(1) Sales
to Mexico are included in North America.<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(2) Net
operating revenues presented above differ from amounts in our IFRS consolidated
financial statements because they do not include revenues from non-steel
products (non-steel products include mainly by-products, iron ore, logistics
services and cement).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;Sales by
Product </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The
following table sets forth our sales breakdown by product in Brazil for 2016,
2015 and 2014. </FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100.02%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.1pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 1.4pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">CSN
      Domestic Market Share&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 1.4pt">
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Hot-Rolled Products</FONT></B></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">36%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">41%</FONT></P></TD></TR>
  <TR style="HEIGHT: 1.4pt">
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Cold-Rolled Products&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">18%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">19%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">18%</FONT></P></TD></TR>
  <TR style="HEIGHT: 1.4pt">
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Galvanized Products&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">30%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">28%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">28%</FONT></P></TD></TR>
  <TR style="HEIGHT: 1.4pt">
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Tin Mill
      Products&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">12%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">11%</FONT></P></TD></TR>
  <TR style="HEIGHT: 1.4pt">
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">Long
      Steel</FONT></B></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">6%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">5%</FONT></P></TD>
    <TD style="HEIGHT: 1.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">1%</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">50</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_51></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sales by
Industry</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We sell our steel products to manufacturers in several
industries. The table below shows our domestic shipments breakdown by volume for
the last three years among our market segments:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="46%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(In
      percentages of total domestic volume shipped)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Distribution&nbsp;Network </FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">46%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">45%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">37%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Packaging&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">14%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">11%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Automotive&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">15%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">11%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">18%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Home
      Appliances</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">9%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">OEM</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">4%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Construction&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">12%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">18%</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">21%</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We believe we have a particularly strong domestic and
export position in the sale of tin mill products used for packaging in Latin
America. Our customers for these products include some of the world&#8217;s most
important food processing companies, as well as many small and medium-sized
entities. We also maintain a strong position in the sale of galvanized products
for use in the automobile manufacturing, construction and home appliance
industries in Brazil and abroad, supplied by CSN Porto Real and CSN Paran&#225;.
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">No single customer accounts for more than 10% of our net
operating revenues</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For further information on steel sales, see &#8220;Item 5A.
Operating Results&#8212;Steel Markets and Product Mix&#8212; Sales Volume and Net Operating
Revenues by Steel Products and Markets&#8221; and &#8220;Item 5A. Operating Results&#8212; Results
of Operations&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year 2016 Compared to Year 2015&#8212;Net Operating
Revenues</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Seasonality</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel demand is stronger in the second quarter of the
year and weaker in the last quarter. Nevertheless, our production is continuous
throughout the year</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Long Steel &#8211;
SWT</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our long steel products are sold both in Germany (about
30%) and other countries, mainly in Europe (60%), for industrial,
infrastructure, civil construction and engineering industries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our sales approach is to establish brand loyalty and to
maintain our reputation of high quality products and excellent delivery
performance by developing long term relationships with our clients. SWT focuses
on meeting specific customer needs, developing solutions for both low
temperature and high temperature resistant applications, as well as optimized
section shapes for special applications. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our commercial area is responsible for sales of all of
our products worldwide. This area is divided into the direct sales team which is
organized in 13 agencies located in Germany and in our core markets in Europe,
the commercial back office department (order management from entry via tracking
to the final delivery and invoicing), logistics contracting (truck, rail,
vessel, maritime, inventory worldwide) and a rail logistics department.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SWT does not possess its own distribution network,
instead cooperating with the big steel distributors and traders in Europe and
other countries. All of our sales are on an order-by-order basis. The delivery
time is related to the logistics chain and varies between 2 to 6 weeks depending
on Incoterm and section type. As a result, our production levels closely reflect
our order log book status. We forecast sales trends in both the European and
export markets based on the historical data available from the last two years
and the general economic outlook for the near future. We believe that our
presence in the export market outside of Europe gives us more flexibility to
optimize production and maximize our profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sections are not sold based on uniform pricing in Europe,
as wide differences exist in terms of size, quality and specifications. In
general, exports are priced based on international spot prices of steel at the
time of sale in U.S. dollars or Euros, depending on the destination. Sales are
normally paid within 30 days, and, in the case of exports, usually backed by a
letter of credit and an insurance policy. All SWT businesses are 100% covered by
EulerHermes risk insurance, a bank guarantee or a letter of credit. Sales are
made primarily on cost and freight terms.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">51</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_52></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Long Steel &#8211;
Volta Redonda</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2013, CSN started the production of long steel in
Volta Redonda. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This plant has production capacity of 500kt/y when fully
operational, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">providing
the domestic market with products for civil and industrial
construction.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Divided in wire rod, rebar CSN 50 and rebar CSN 25, the
products were developed using high technology and in accordance with the highest
quality and sustainability standards, with all tradition and reliability of our
products. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The commercial team is comprised of its own sales force
ready to meet all the needs of the market, not only the needs of small clients,
but also the needs of large wholesales. Following the model already successfully
deployed by us, in which we seek a diversified and pulverized service to our
customers, we will be able to count on a real partner to boost our business.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to optimize the process, the product&#8217;s outflow
will be made in operational synergy with the flat steel units, using the same
distribution centers, strategically located so as to deliver to all national
territory. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This is another addition for the products from our
portfolio, which is already comprised of cement, structural section products
derived by flat steel, such as tile, tube, among others, so as to offer a
portfolio that thoroughly covers the civil construction segment. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Iron Ore </FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Iron ore products are commercialized by our commercial
team located in Brazil, Austria and Hong Kong. These three marketing units allow
us to maintain close relations with our customers worldwide, understand the
environment where they operate, monitor their requirements and provide all
necessary assistance in a short period of time.&nbsp; Market intelligence
analysis, planning and administration of sales are handled from Brazil by the
staff in our S&#227;o Paulo office, while our domestic sales team is located at Casa
de Pedra mine, in the State of Minas Gerais.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We supply our iron ore to the steel industry, and our
main destinations are Brazil, Europe and Asia. Prevailing and expected levels of
demand for steel products directly affect demand for iron ore. Demand for steel
products is correlated to many factors, such as GDP, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">global manufacturing production, urbanization,
construction and infrastructure spending.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;We believe our competitiveness has been improved by
our customer service and market intelligence. It is paramount for us to have a
clear understanding of our customers&#8217; businesses in order to address their
needs, surpass their expectations and build long-term relationships. We have a
customer-oriented marketing policy and specialized local personnel in direct
contact with our clients in order to help determine the mix that best suits each
particular client.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tons</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Net Operating Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tons</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Net Operating Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tons</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Net Operating Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Brazil</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4,120</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">542,027</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      539 </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">175,223</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">6%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      138 </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1%</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">306,837</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Export</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32,863</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">89%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4,039,875</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">88%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      23,322 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">98%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3,012,027</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">95%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      25,107 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3,802,566</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">93%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Total</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36,983</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4,581,902</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      23,861 </FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3,187,250</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,245
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4,109,403</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9pt">
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Exports to</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Asia</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29,349</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">89%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3,519,713</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">87%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      21,963 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">95%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2,836,505</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">95%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      24,334 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">97%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3.674.778</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">97%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">North America</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;-&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;-&nbsp; </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Europe</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3,514</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">434,378</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      1,028 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">132,792</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 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;
      773 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">127.788</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3%</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>Latin America</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>&nbsp;- </FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>&nbsp;Others</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>&nbsp;- </FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>-</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>85,784</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; LINE-HEIGHT: normal" color=#000000>2%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;
</FONT></TD></TR></TABLE></DIV>
<DIV align=left>
<P></P>
<P style="BACKGROUND: white; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">(*) Iron ore sales volumes presented in this table take
into consideration sales by CSN and by our subsidiaries and jointly controlled
entities proportionally to our interest (Namisa 60% until November 2015 and 100%
stake in CSN Minera&#231;&#227;o as of December 2015).</FONT></P>
<P></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">52</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_53></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The first step to our entry into the international iron
ore market was taken in February&nbsp;2007, with the completion of the first
phase of the expansion of our coal seaport terminal in Itagua&#237;, in the State of
Rio de Janeiro,&nbsp;which enabled us to also handle and export iron ore and to
load from our own facilities the first shipment of our iron ore
products.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">In 2016, our iron ore sales reached 37.0 million tons,
32.9 million tons to third parties and 4.1 million tons to CSN steel mills, an
increase of 21%</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">1</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">
compared to 2015. Total mining net revenue increased 44% in 2016, mainly due to
higher volumes sold to third parties and volumes that used to be transferred and
since December 2015 are sold to the Presidente Vargas plant. The share of mining
segment revenue in CSN's total net revenue increased from 21% in 2015 to 27% in
2016.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, 89% of our iron ore export sales went to the
Asian market, mainly China and 11% were sold in the European market. Of our
total sales volume to third parties, 72% were sinter feed, 11% pellet feed, 13%
lump ore and 4% concentrated.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As global iron ore markets are highly competitive, we
focus on our flexibility, reliability and efficient manner of supplying iron ore
to the world market.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Through our marketing offices, we have long-term
relationships with most players in the steel industry in China, Japan, Taiwan,
South Korea, Europe and Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Cement</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We have a diverse client base of approximately 20,000
clients, including construction material stores, home centers, concrete
producers, construction companies, mortar industries and cement artifact
producers.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The focus of our sales strategy is on retail. In this
segment, we have a strong presence in sales points, where we reinforce the
quality of the product to final customers. The retail segment operates with a
low level of inventory, and a significant percentage of repurchase in the month,
which highlights the competitive advantage of CSN&#8217;s distribution
centers.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In&nbsp;2016, despite the ongoing Brazilian economics
crisis, we significantly increased our sales, reaching 2,814 thousand tons,
marking a growth of 29% as compared to 2015. All our cement production is sold
in the domestic market.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 39pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="93%" colSpan=6>
      <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN &#8211;
      Cement Sales Figures<BR></FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(In
      thousands of metric tons and millions of R$)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 26.25pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=2>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=2>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 27.75pt">
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues</FONT></B></P></TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues</FONT></B></P></TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Tons</FONT></B></P></TD>
    <TD style="HEIGHT: 27.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Net
      Operating Revenues</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 29.25pt">
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Brazil</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,814</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">491</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,182</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">432</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">2,185</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">440</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<HR align=left SIZE=1 width="33%">

<DIV id=ftn1><FONT lang=PT-BR>
<P></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 115%" face="Times New Roman">1</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face="times new roman"> The comparison
considers a total volume of 30.7 million tons in 2014, which includes 5 million
tons of volume transferred and sold to UPV.</FONT></P>
<P></P></FONT></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">53</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_54></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Insurance</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We and our subsidiaries maintain several types of
insurance policies. These insurances are contracted in line with the risk
management of our business and attempt to follow the market practices for
similar activities. Coverage in such policies encompasses domestic and
international (import and export) cargo transportation (by road, rail, sea or
air), life insurance, personal accidents, health, auto insurance, D&amp;O,
general liability, CAR (construction and erection risks), boiler and machinery
coverage, trade credit insurance, surety, named perils, ports and terminal
liabilities. These policies may not be sufficient to cover all risks we are
exposed to.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We also have an insurance policy covering the operational
risks, material damages and loss of profits of our following branches and
subsidiaries: Presidente Vargas Steelworks, CSN Minera&#231;&#227;o, Container Terminal
Sepetiba TECON. This policy was negotiated with domestic and foreign insurers
and reinsurers and is valid until March 31, 2019, with a limited indemnity of
US$600 million (for an insured value of US$9.1 billion) with a deductible of
US$385 million for material damages and 45 days to loss of profits. Under the
terms of the policy, we remain responsible for the first tranche of US$385
million in losses (material damages and loss of profits). </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Intellectual Property</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We maintain a special unit for managing our intellectual
property rights, which include trademarks, patents and industrial designs,
ensuring adequate protection for us and the possibility of commercialization
through technology transfer agreements. We also maintain cooperation agreements
with universities and research institutes for the exchange of technical
cooperation and developments related to new processes and/or
products.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Competition in the Steel Industry </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Both the worldwide and the Brazilian steel markets are
intensely competitive. The primary competitive factors in these markets include
quality, price, payment terms and customer service. Further, continuous advances
in materials, sciences and resulting technologies have given rise to
improvements in products such as plastics, aluminum, ceramics, glass and
concrete, permitting them to serve as substitutes for steel for certain
purposes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Competition in the Brazilian Steel
Industry</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The primary competitive factors in the domestic market
include quality, price, payment terms and customer service. </FONT></P>
<P style="BACKGROUND: white; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">The following table sets forth the production of crude
steel by Brazilian companies for the years indicated:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.05pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.05pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 18.35pt">
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">&nbsp;</TD>
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Production</FONT></B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Production</FONT></B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 18.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Production</FONT></B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(In
      million</FONT></I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">tons)&nbsp;</FONT></I></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(In
      million</FONT></I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">tons)&nbsp;</FONT></I></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(In
      million</FONT></I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">tons)&nbsp;</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Gerdau<SUP>(2)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">6.8</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">7.0</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">7.4</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Usiminas</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.1</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">5.0</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">6.0</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">ArcelorMittal Tubar&#227;o</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">7.0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">6.8</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">5.3</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">CSN</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.1</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4.2</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4.4</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">ArcelorMittal A&#231;os Longos&nbsp;</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.1</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.1</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.2</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">CSA</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4.2</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4.2</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">4.1</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Others&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.9</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1.9</FONT></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3,4</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Total&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">31.2</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">32.2</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">33.8</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 19.1pt">
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Source:
      IABr</FONT></B></P></TD>
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.1pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">54</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_55></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Competitive Position &#8212; Global</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">During 2016, Brazil maintained its place as the largest
producer of crude steel in Latin America, with a production output of 30.2
million tons and a 1.8% share of total world production, according to data from
the World Steel Association, or WSA. In 2016, Brazil dropped one position in the
global ranking, becoming the ninth largest steel producer globally, accounting
for more than half of total production in Latin America, approximately one third
more than Mexico&#8217;s or 38% of the U.S.&#8217; steel production, according to data from
the WSA. According to IABr, Brazilian exports in 2015 amounted to&nbsp;13.4
million tons of finished and semi-finished steel products, a decrease of 2% as
compared to 2015.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We compete on a global basis with the world&#8217;s leading
steel manufacturers. We have positioned ourselves in the world market with a
product mix characterized by high margin and strong demand, such as tin plate
and galvanized products. We have relatively low-cost and sufficient availability
of labor and energy, and own high-grade iron ore reserves. These global market
advantages are partially offset by costs of transporting steel throughout the
world, usually by ship. Shipping costs, while helping to protect our domestic
market, put pressure on our export price. To maintain our position in the world
steel market in light of the highly competitive international environment with
respect to price, our product quality and customer service must be maintained at
a high level. See &#8220;Item 4B. Business Overview&#8212;Government Regulation and Other
Legal Matters&#8212;Proceedings Related to Protectionist Measures&#8221; for a description
of protectionist measures being taken by steel-importing countries that could
negatively impact our competitive position.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Competitive Advantages of the Brazilian Steel
Industry</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Brazil&#8217;s principal competitive advantages are its
abundant supply of low-cost, high-grade iron ore and energy resources. Brazil
also benefits from a vast internal market with a large growth potential, a
privatized industry making investments in plant and equipment and deep water
ports allowing the operation of large ships, which facilitates access to export
markets.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Brazilian domestic steel prices have historically been
higher than its export prices. However, in 2010 and 2011, lower demand in mature
markets, the appreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
against the U.S. dollar, certain tax incentives, and imported steel products
forced Brazilian producers to adjust prices closer to export price levels in
order to maintain competitiveness.&nbsp;In 2012, with the depreciation of the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
against the U.S. dollar and protective government measures which raised taxes on
steel imports, export prices fell and domestic prices increased
again.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Despite the increase in the overall steel sheet demand in
2013, prices in the USA, Germany and China decreased by 5.2% compared to 2012,
while in&nbsp;2014, the global average sheet prices decreased by 4.3% compared
to 2013. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;In 2015 and 2016, sales in the external market
became more attractive, due to the depreciation of the </FONT><I><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against the
U.S. dollar, lower domestic demand and an increase of more than 50% in
international prices. During 2016, imports of flat steel in Brazil </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">decreased by</FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> 51%
compared with the same period in 2015. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Government
Regulation and Other Legal Matters</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Environmental Regulation</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We are subject to Brazilian federal, state and municipal
environmental laws and regulations governing air emissions, waste water
discharges, solid and hazardous waste handling and disposal, wildlife
management, forest maintenance, dangerous products transportation and
preservation of traditional communities. We are committed to controlling the
substantial environmental impact caused by our steelmaking, mining, cement and
logistics operations, in accordance with international standards and in
compliance with environmental laws and regulations in Brazil. We believe
currently we are largely in compliance with applicable environmental
requirements. While the Brazilian government has authority to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">promulgate environmental regulations setting forth
minimum standards of environmental protection, state and local governments have
the power to enact more stringent environmental regulations. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">55</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_56></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We are subject to regulation and supervision by the
Brazilian Ministry of Environment, the Environmental National Council, or
CONAMA, which is the federal body responsible for enacting technical regulations
and environmental protection standards, and by the Brazilian Institute of
Environment and Renewable Natural Resources, or IBAMA, which is responsible for
enforcing environmental laws at the federal level. The environmental regulations
of the State of Rio de Janeiro, in which the Presidente Vargas Steelworks (UPV)
is located, are enforced by the INEA. In the state of Minas Gerais, where our
main mining operations are located, we are subject to regulations and
supervision by the Environmental Policy Council, or COPAM, by the Regional
Superintendent of Environment and Sustainable Development, or SUPRAM-CM, the
Water Management Institute of Minas Gerais, or IGAM, the State Forestry
Institute, or IEF, and the State Environmental Foundation, or FEAM, which are
the competent bodies of the Secretary of State for the Environment and
Sustainable Development of Minas Gerais, or SEMAD. Specific goals and standards
are established in operating permits or environmental accords issued to each
company or plant. These specific operational conditions complement the standards
and regulations of general applicability and are required to be observed
throughout the duration of the permit or accord. The terms of such operating
permits are subject to change and are likely to become stricter. All of our
facilities currently have or are in the process of obtaining/renewing their
operating permits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">With the publication of the new Decree 47,137 in Minas
Gerais in January 2017 and a joint determination between the environmental
agencies to reduce bureaucracy and standardize the documents necessary for the
processes of environmental regularization in the state, it is expected that the
analysis periods for the release of Environmental Licenses in the state of Minas
Gerais will be reduced.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Environmental Expenditures and Claims&nbsp;
</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Promoting responsible environmental and social management
is part of our business. We prioritize processes and equipment that offer modern
and reliable technologies on monitoring and control of environmental risks. All
environmental controls are audited to comply with Sarbanes-Oxley (SOX)
guidelines, helping to mitigate the environmental risks of our
operations.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We have an Environmental Management System, or EMS,
certified by ISO 14001 in Casa de Pedra Mine (Congonhas, MG), Presidente Vargas
Steelworks (Volta Redonda, RJ), Porto Real (Porto Real, RJ), Bocaina Mine
(Arcos, MG), CSN Paran&#225; (Arauc&#225;ria, PR), TECON (Sepetiba, RJ) and Prada
Distribution (Mogi das Cruzes, SP). The other sites are in process of
implementing the EMS and have been following a corporate program for their
progressive advancement following the guidelines of ISO 14001.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition, we have established (i) an internal
committee for environmental management composed of professionals from different
departments of CSN&#8217;s units, whose goal is to regularly discuss any problems that
may arise and to identify risks and aspects of the operations in which the group
can act pro-actively in order to prevent possible environmental harm and (ii) a
sustainability committee composed of external advisors, which provides
guidelines for our strategic decisions. The environmental controls implemented
since 2006 also contribute to mitigate environmental risks of CSN&#8217;s
operations.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">To further understand our potential social and
environmental risks, we use mapping criteria in accordance with the Global
Reporting Initiative (G4), or GRI, for all of our operations. Resulting data and
indicators in environmental, social and economic categories allow us to track
our performance, structure and monitor action plans, in an effort to improve and
enhance our results.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Since 2010, we have been conducting a survey of
greenhouse gas emissions at our main sites following the guidelines of the GHG
Protocol. Additionally, in response to a law enacted by the State of Rio de
Janeiro in 2012 and in effect since 2013, which requires steel making and cement
industries to present action plans to reduce greenhouse gas emissions when
renewing or applying for operational licenses, we are conducting such survey
under the supervision of INEA. CSN intends to use this information in the
development of a corporate carbon management program and related strategies to
reduce emissions, as well as to identify current risks and opportunities for
improvement. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">56</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_57></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other strategies are being adopted by us in order to
improve our environmental commitment.&nbsp; Since 2012, we participate in the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Climate Forum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
organized by the Ethos Institute for Social Responsibility and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">in 2015 we joined the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Open Letter to Brazil on Climate Change </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">initiative, with the aim that the Brazilian government
assume a leadership position during the 21st United Nations Framework Convention
on Climate Change (UNFCCC) Conference, or COP-21. In 2015, we confirmed our
commitment to sustainable development by signing the Sustainable Development
Charter of Industry promoted by the World Steel Association, which is comprised
of 75 leading steel companies committed to the seven principles of
sustainability in the industry, and we also received the Gold Standard of the
GHG Protocol, which confirms that we are in compliance with the standards
imposed by the GHG Protocol and ensures that our GHG inventory was duly verified
by a third party. We report the guidelines followed by our management with
respect to climate change, supply chain and water resources to the Carbon
Disclosure Project &#8211; CDP, and</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">
a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ctively participates in the network NICOLE
Brazil, a Brazilian leading organization that develops and promotes solutions
for the management of contaminated areas. We also develop environmental
education projects and promote understanding of the historical and natural
patrimony, especially in the Arcos and Casa de Pedra plants. To reaffirm our
commitment to the transformation of values and attitudes through new habits and
knowledge, we started the Environmental Education Program (PEA), an initiative
managed by the CSN Foundation that uses art as a dialogue between students,
teachers and employees.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2015, CSN mapped all the emissions of its Hot Rolled
Coil (HRC) production chain and was able to obtain the ABNT Carbon Footprint
Certification. This certification positions our product in a more transparent
way regarding the quality of the process and climate change risk and opportunity
management. In the same year, CSN chose to integrate the group of Brazilian
companies that, under the coordination of the Ellen McArthur Foundation, is
expanding knowledge, and disseminating the practices of Circular Economy. In
relation to our expenditures for environmental programs, and given the potential
risk of water shortages, especially in the Southeast of the Brazil, we have
continued with various actions aimed at increasing the efficiency of water usage
in our production processes, with an emphasis on accomplishing a water reuse
rate of, at least, 92% in the Presidente Vargas steel mill. In 2014, we hired a
consultancy to prepare a water inventory, which provided us knowledge of how and
to what extent our operations affect water resources, allowing us to develop
plans and take actions to improve our efficiency and reduce potential pollution
in local watersheds. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Since our privatization, we have invested heavily in
environmental protection and remediation programs. We had environmental
expenditures (capitalized and expensed) of R$369 million in 2016, of which R$102
million relate to capital expenditures (CAPEX) and R$267 million relate to
operational expenditures (OPEX). Our total environmental expenditures were R$405
million in 2015 and R$361million in 2014. Our investments in environmental
projects during 2016 were mainly related to: (i) operation, maintenance and
retrofitting of environmental control equipment; (ii) development of
environmental studies for permit applications; (iii) studies, monitoring, and
remediation of environmental liabilities due to prior operations, especially
before our privatization; and (iv) human resources (environmental team),
Environmental Management System, sustainability projects and compliance
programs.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our environmental guidelines also comprehend monitoring
of our tailing dams, which are used to contain the waste of the beneficiation
process of iron ore and to contain sediments from the waste dumps and mining
activities. On an annual basis, all our tailing dams are audited by independent
audit companies. The most recent audit report confirmed and attested that all
tailing dams are stable, in accordance with technical standards and relevant
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">legislation. In addition to that, CSN&#180;s tailing dams are
built using the &#8220;downstream&#8221; method, which is considered the safest method of
tailing dams&#8217; construction. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">TACs</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2010, we signed with the Rio de Janeiro State
Government a Term of Undertaking (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Termo de
Ajustamento de Conduta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">),
or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"> TAC (&#8220;TAC 2010&#8221;), that required new
investments and studies to retrofit our environmental control equipment at the
UPV plant. The TAC 2010 initially estimated the total amount to be disbursed in
connection with the implementation of the required projects to be R$216 million.
This initial estimate was updated to R$260 million as we obtained more accurate
cost estimates for the completion of the projects. In 2013, we signed an
amendment to the TAC 2010 regarding certain items pending conclusion and also
included new obligations, as determined by the Rio de Janeiro State
Environmental Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Instituto
Estadual do Ambiente</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">INEA, resulting in an additional investment of R$165
million, which has already been made by us. Given the deadline of the TAC 2010
in 2015, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN, the Rio de Janeiro State and INEA came
into a new agreement for complementary actions and signed a new TAC &#8211; TAC INEA
No. 03/2016, in April 13, 2016 (&#8220;TAC 2016&#8221;). The TAC 2016 determines an
additional investment of R$178 million for environmental controls at the UPV
plant and the payment, by CSN, to the Rio de Janeiro state authorities of
environmental fines in the amount of R$22 million, which will be allocated to
environmental programs in the Volta Redonda region. As a consequence, the TAC
2016 concludes legal proceedings related to the TAC 2010. In April 2016, INEA
executed one of the letters of guarantee in the amount of R$13 million and such
amount has already been paid by CSN.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">57</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_58></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other Environmental Proceedings and
Liabilities</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In July 2012, the Environmental Public Prosecutor of the
State of Rio de Janeiro (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Minist&#233;rio P&#250;blico Estadual do Rio de
Janeiro</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">) filed a judicial proceeding against us
claiming that we must (i) remove all waste disposed in two areas used as an
industrial waste disposal site in the city of Volta Redonda and (ii) relocate
750 residences located in the adjacent neighborhood Volta Grande IV Residential,
also in the city of Volta Redonda. Later in 2012, we received notices for
lawsuits brought by certain home owners at Volta Grande IV Residential claiming
indemnification for alleged moral and material damages. Trial Courts in Rio de
Janeiro have been adopting a split position as to whether the individual claims
shall or not remain suspended until production of technical evidence on the
Public Civil Action. Some cases remain suspended and others advanced to
nomination of the judicial experts that will conduct the evidence production
phase. For more information, please see &#8220;Item 8A. Consolidated Statements and
Other Financial Information&#8212;Legal Proceedings&#8212;Other Legal
Proceedings.&#8221;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2015, the Federal Public Prosecutor of Rio de Janeiro
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Minist&#233;rio P&#250;blico Federal do Rio de
Janeiro</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">) filed a public civil action against CSN to
request an adjustment to emissions thresholds of the UPV plant. According to
Resolu&#231;&#227;o Conama 436, CSN is required to reduce emissions by December 2018.
Currently, CSN is complying with state regulations.&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In respect to other allegedly contaminated areas located
in the city of Volta Redonda, State of Rio de Janeiro, the Federal and State
Prosecutors have initiated lawsuits seeking remediation and indemnification in
relation to the areas known as Marcia I, Marcia II, III and IV, Wandir I and II
and Reciclam. These legal proceedings are in an initial phase and currently we
are conducting environmental studies, which will determine the extent of the
impacts arising from the contamination, and implementing measures in order to
comply with the applicable laws. Once concluded, these environmental studies
will be presented and attached to each respective legal proceeding. Therefore,
at this moment, no amount has been determined in relation to any significant
disbursement and/or investment to be made by us.&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our main environmental claims as of December 31, 2016,
were associated with recovery services at former coal mines decommissioned in
1989 in the state of Santa Catarina, and recovery services due to previous
operations in our UPV plant.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We record a provision for remediation costs and
environmental lawsuits when a loss is probable and the amount can be reasonably
estimated. This provision is included in our statements of income in &#8220;Other
Operating (Expenses) Income.&#8221; We do not include in our reserves environmental
liabilities related to ERSA, as these are contractually supported by its former
owner. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As of December 31, 2016, we had provisions for
environmental liabilities in the total amount of R$ 273.5 million, which we
believe are sufficient to cover all probable losses. Such amount compares to
R$262.3 million as of December 31, 2015, and R$211.5 million as of December 31,
2014. The increase in our provisions for environmental liabilities in 2016 as
compared to 2015 is mainly due to the critical review of the remediation
strategy and environmental management for external landfill areas, especially
the areas of (i) the Southern Region of Santa Catarina State (environmental
recovery of a former coal mine) under agreements with the Public Prosecutor
Office seeking the recovery of environmental liabilities caused by coal mining
in the Southtern Region of Santa Catarina until the 1990s, and (ii)
&nbsp;Esta&#231;&#227;o Ecol&#243;gica de Corumb&#225; (management of a nature conservation area in
the State of Minas Gerais), under our 2011 Conduct Adjustment Agreement (Termo
de Ajustamento de Conduta - &#8220;TAC&#8221;), which we have observed and which are
accompanied by the Public Prosecutor Office and by the competent environmental
agency with the expectation of the discharge of the obligations in
2017.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">58</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>&nbsp; <A name=page_59></A></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">The changes in the provision for environmental
liabilities on our financial statements are as follows:</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" face="times new roman"> </FONT></P>
<a name="_bclPageBorder59"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Amounts</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">(in millions of R$)</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">December 31, 2014</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">211.5</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Term of Undertaking (TAC)(1)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">72.8</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Decommissioned Coal Mines (Santa
      Catarina)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">(12.9)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Landfills and other(2)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">(9.1)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">December 31, 2015</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">262.3</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Term of Undertaking (TAC)(1)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">6.3</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Decommissioned Coal Mines (Santa
      Catarina)</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">0.4</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Landfills and other(2)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">4.4</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">December 31, 2016</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">273.4</FONT></B></P></TD></TR></TABLE></DIV>
<P style="BACKGROUND: white; MARGIN: 0cm 42.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1) Refers to environmental compensation agreed in the
TAC but not related to investments in equipment.</FONT></P>
<P style="BACKGROUND: white; MARGIN: 0cm 42.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2) Refers to
an estimate calculation of recovery costs related to landfills remediation
obligations.</FONT></P>
<P style="BACKGROUND: white; MARGIN: 0cm 42.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazil &#8211;
Mining Regulation</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under the Brazilian Constitution, all mineral resources
in Brazil belong to the federal government. The Brazilian Constitution and
Mineral Code impose various regulatory restrictions on mining companies relating
to, among other things:</FONT></P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the manner
  in which mineral deposits must be exploited;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the health
  and safety of workers and the safety of residential areas located near mining
  operations;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the
  protection and restoration of the environment;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the
  prevention of pollution; and</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the
  support of local communities where mines are located.</FONT> </LI></UL>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining companies in Brazil can only prospect and mine
pursuant to prospecting authorizations or mining concessions granted by the
National Department of Mineral Production (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Departamento
Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or DNPM,
an agency under the Ministry of Mines and Energy of the Brazilian
Government.&nbsp;DNPM grants prospecting authorizations to a requesting party
for an initial period of one to three years. These authorizations are renewable
at DNPM&#8217;s discretion for another period of one to three years, provided that the
requesting party is able to show that the renewal is necessary for proper
conclusion of prospecting activities. On-site prospecting activities must start
within 60&nbsp;days of official publication of the issuance of a prospecting
authorization. Upon completion of prospecting activities and geological
exploration at the site, the holder of the prospecting authorization must submit
a final report to DNPM.&nbsp;If the geological exploration reveals the existence
of a mineral deposit that is technically and economically exploitable, the
grantee has one year (which DNPM may extend) from approval of the report by DNPM
to apply for a mining concession by submitting an economic exploitation plan or
to transfer its right to apply for a mining concession to an unrelated party.
When a mining concession is granted, the holder of such mining concession must
begin on-site mining activities within six months.&nbsp;DNPM grants mining
concessions for an indeterminate period of time lasting until the exhaustion of
the mineral deposit. After extraction, the mineral products that are specified
in the concession belong to the holder of the concession. With the prior
approval of DNPM, the holder of a mining concession can transfer it to an
unrelated party that is qualified to own concessions. Under certain
circumstances, mining concessions may be challenged by unrelated
parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining
Concessions</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our iron ore mining activities at Casa de Pedra mine are
performed based on Manifesto de Mina, which gives us full ownership over the
iron ore deposits existing within our property limits. Our iron ore mining
activities at Engenho and Fernandinho mines are based on a concession by the
Ministry of Mines and Energy, which grants us the right to exploit mineral
resources from the mine for an indeterminate period of time lasting until the
exhaustion of the mineral deposit. Our limestone and dolomite mining activities
at the Bocaina mine and our tin mining activities at Ariquemes (ERSA mine) are
based on concessions under similar conditions. See &#8220;Item 4D. Property, Plant and
Equipment&#8221; for further information.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">59</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October
30, 2015, and upon prior approval of DNPM, the Manifesto de Mina for Casa de
Pedra was transferred by CSN to CSN Minera&#231;&#227;o (formerly named Congonhas Min&#233;rios
S.A.), which was also granted the Engenho mining concession from Nacional
Min&#233;rios S.A. (&#8220;Namisa&#8221;) by the end of the year of 2015. In the same occasion,
Fernandinho mining concession and the mining rights of Cayman and Pedras Pretas
were transferred by Namisa to Min&#233;rios Nacional. For further information, see
&#8220;Item 4D. Property, Plant and Equipment.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mineral
Rights and Ownership</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our mineral rights for Casa de Pedra mine include the
mining concession, a beneficiation plant, roads, a loading yard and a railway
branch, and are duly registered with the DNPM. We have also been granted by DNPM
easements in 19 mine areas located in the surrounding region, which are not
currently part of Casa de Pedra mine. These areas are needed to expand our
operations and as operating support areas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, we have obtained and are in compliance with
all environmental licenses and authorizations for our operations and projects at
Casa de Pedra mine.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The exploitation in Casa de Pedra mine is subject to
mining lease restrictions, which were duly addressed in our iron ore reserve
calculations. Quality requirements (chemical and physical) are the key
&#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were
properly accounted for by our mine planning department.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian government charges us a royalty known as
the Financial Compensation for Exploiting Mineral Resources (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Compensa&#231;&#227;o Financeira pela Explora&#231;&#227;o de Recursos
Minerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or CFEM, on the revenues from the sale of minerals we
extract, net of taxes, insurance costs and costs of transportation. DNPM is
responsible for enacting regulations on CFEM and auditing the mining companies
to ensure the proper payment of CFEM. The current CFEM rates are progressive and
vary according to the mineral substance exploited. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Mineral Code and ancillary mining laws and
regulations also impose other financial obligations. For example, mining
companies must compensate landowners for the damages and loss of income caused
by the use and occupation of the land (either for exploitation or exploration)
and must also share with the landowners the results of the exploration (in a
rate of 50% of the CFEM). Mining companies must also enter into agreements with
the Brazilian government to use public lands and eventually compensate the
government for damages caused to such public lands. A substantial majority of
our mines and mining concessions are on lands owned by us or on public lands for
which we hold mining concessions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian Congress is reviewing a bill that proposes
significant changes in the Mineral Code, including more stringent rules for dams
and a potential increase of the CFEM rates, which may have a material impact on
our mining operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Antitrust
Regulation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are subject to various laws in Brazil which seek to
maintain a competitive commercial environment. The competition law and practice
in Brazil are governed by Law No. 12,529, dated November 30, 2011, which came
into force on May 30, 2012, and provided for significant changes in the
Brazilian Antitrust System&#8217;s structure, including the creation of the new
Conselho Administrativo de Defesa Econ&#244;mica (CADE). Referred law introduced a
mandatory pre-merger notification system, as opposed to the post-merger review
system previously in force. The new CADE is now formed by an Administrative
Tribunal of Economic Defense </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Tribunal
Administrativo de Defesa Econ&#244;mica)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, a
General-Superintendence </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Superintend&#234;ncia-Geral) </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and a
Department of Economic Studies </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Departamento de Estudos Econ&#244;micos)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">60</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">CADE is responsible for the
control of anti-competitive practices in Brazil. If CADE determines that certain
companies have acted collusively to raise prices, it has the authority to impose
fines on the offending companies, prohibit them from receiving loans from
Brazilian government sources and bar them from bidding on public projects. In
addition, CADE has the authority to prevent or impose certain conditions to
mergers and acquisitions and/or to impose certain restrictions or conditions on
M&amp;A transactions (for instance, require a company to divest assets or take
other anti-dumping measures) should </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">it determine that the industry in
which it operates is insufficiently competitive or that the transaction creates
a market concentration which can affect competition. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For further antitrust-related information, see &#8220;Item 8A.
Consolidated Statements and Other Financial Information&#8212;Legal
Proceedings.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulation of Other Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to mining, environmental and antitrust
regulation, we are subject to comprehensive regulatory regimes for certain of
our other activities, including railway transportation, electricity generation
and ports.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Since January 1998, we have held the exclusive rights to
operate the Cargo Railway Transport at the Northeast Railway System. In 2005, we
executed a letter of intention to carry out a Northeastern Railway System
enlargement and improvement project, or Project Nova Transnordestina, jointly
with the Federal Government as grantor. In 2013 and 2014, we executed the
respective agreements to start Project Nova Transnordestina. In order to direct
the private-public funding agreed upon with the Government bodies exclusively to
Project Nova Transnordestina, we divided the Northeastern Railway System
management into two sub-railway systems: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeast Railway System I (operational stretch), which
encompasses the stretches between the cities of S&#227;o Lu&#237;s &#8211; Mucuripe, Arrojado &#8211;
Recife, Itabaiana &#8211; Cabedelo, Paula Cavalcante &#8211; Macau and Propi&#225; &#8211; Jorge Lins,
and is operated by our subsidiary Ferrovia Transnordestina Log&#237;stica S.A, or
FTL, and;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeast Railway System II (under construction) which
encompasses the stretches between Miss&#227;o Velha &#8211; Salgueiro, Salgueiro &#8211;
Trindade, Trindade &#8211; Eliseu Martins, Salgueiro &#8211; Porto de Suape and Miss&#227;o Velha
&#8211; Porto de Pec&#233;m, and is operated by our subsidiary Transnordestina Log&#237;stica
S.A, or TLSA. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our railway business is subject to regulation and
supervision by the Brazilian Ministry of Transportation and ANTT, and operates
pursuant to Concession Contracts granted by the federal government, which impose
certain limitations and obligations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our port business is subject to regulation and
supervision by the Brazilian Secretariat of Ports</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Secretaria
dos Portos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or SEP),
the Ministry of Transportation, Ports and Civil Aviation (Minist&#233;rio do
Transportes, Portos e Avia&#231;&#227;o Civil) and the National Water Transportation
Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ag&#234;ncia Nacional de Transportes
Aquavi&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or ANTAQ).
As of December 31, 2016, we owned a 99.99% participation in TECON, which has a
concession to operate the container terminal at Itagua&#237; Port for a 25-year term
until 2026, renewable for an additional 25 years. The concession to operate
TECAR, a solid bulks terminal at Itagua&#237; Port, expires in 2047 and is explored
since December 31, 2015, by our controlled company CSN Minera&#231;&#227;o (formerly named
Congonhas Min&#233;rios S.A.) due to the transaction entered into with the Asian
Consortium. For more information regarding the transaction with the Asian
Consortium, please see &#8220;Item 5A. Operating Results.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our electricity generation business is subject to
regulation and supervision by the Brazilian Ministry of Mines and Energy, the
National Agency for Electric Energy (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ag&#234;ncia
Nacional de Energia El&#233;trica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or ANEEL,
and the National Electric System Operator (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operador
Nacional do Sistema El&#233;trico</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or ONS).
As of December 31, 2015, we owned the following energy related assets: (i) a
235.2 MW thermoelectric co-generation power plant at our Presidente Vargas
Steelworks, (ii) a 48.75% participation in ITASA, which owns and operates 60.5%
of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil under
a renewable 30-year concession until 2030, and (iii) a 17.9% participation in
the consortium that built and has the right to operate the Igarapava
hydroelectric facility in Southeast Brazil under a renewable 30-year concession
until 2028.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For further information on our logistics and energy
segments, see &#8220;Item 4B. Business Overview.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">61</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Proceedings
Related to Protectionist Measures</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Over the past several years, exports of steel products
from various countries and companies, including Brazil and us, have been the
subject of anti-dumping, countervailing duty and other trade related
investigations from importing countries. These investigations resulted in duties
that limit our access to certain markets. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In Brazil, we are subject to regulation and supervision
by the Ministry of Development, Industry and Foreign Trade, the Secretary of
Foreign Trade (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Secretaria de Com&#233;rcio Exterior</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">), or SECEX, and the Commercial Defense Department
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Departamento de Defesa
Comercial</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">), or DECOM. Worldwide, our exports are subject to the
protectionist measures summarized below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">United
States</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Anti-dumping (AD) and Countervailing Duties
(CVD)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. In the U.S., we are subject to regulation and
supervision by the U.S. Department of Commerce, or DOC, the International Trade
Commission, or ITC, the International Trade Administration, or ITA, and the
Import Administration, or IA. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On July 28, 2015, AK Steel Corporation, ArcelorMittal USA
LLC, Nucor Corporation, Steel Dynamics, Inc. and United States Steel Corporation
filed antidumping and countervailing duty (&#8220;AD/CVD&#8221;) petitions with respect to
certain cold-rolled flat steel products from Brazil, </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">China,
India, Japan, Korea, Russia, and the United Kingdom </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">at the ITC
and the DOC. On August 24, 2015, the DOC initiated both AD/CVD investigations
with respect to cold-rolled steel from Brazil. </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September
10, 2015, the ITC announced affirmative preliminary injury determinations with
respect to cold-rolled imports from Brazil. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 11, 2015, AK Steel Corporation, ArcelorMittal
USA LLC, Nucor Corporation, SSAB Enterprises, LLC, Steel Dynamics, Inc., and
United States Steel Corporation filed AD/CVD petitions with respect to certain
hot-rolled steel products from Australia, Brazil, Japan, the Republic of Korea,
the Netherlands, Turkey, and the United Kingdom. On September 9, 2015, the DOC
initiated both AD/CVD investigations with respect to hot-rolled steel from
Brazil. On September 24, 2015, the ITC announced affirmative preliminary injury
determinations with respect to hot-rolled steel imports from Brazil. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In December 2015 and January 2016, the DOC reached
preliminary determinations on the CVD investigation, these determinations
imposed a rate of 7.42% for the exports of both hot-rolled and cold products. In
February 2016, the DOC issued its preliminary determination on the anti-dumping
investigation of cold-rolled products, which was reviewed in April 2016, in
which the rate imposed on exports to the US was 20.84% as of March 7, 2016. In
March 2016, the DOC issued the preliminary determination on the AD investigation
of hot-rolled products, in which the rate imposed was 33.91%.&nbsp; The final
determination for AD and CVD of cold rolled was issued in July 2016, imposing a
rate of 11.31% for CVD and a rate of 19.56% for AD with a cash deposit of
15.49%. The final determination for hot rolled products was issued in August
2016 and the rates imposed were 11.31% for CVD and 33.14% for AD with a cash
deposit of 29.07%.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">European Union</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Anti-dumping (AD).</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
In the European Union, we are subject to regulation and supervision by the
European Commission, or the Commission.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">On July 7, 2016, the European Commission initiated an
anti-dumping investigation concerning imports of certain hot-rolled flat steel
products originating from Brazil, Iran, Russia, Serbia and Ukraine.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">On July 29, 2016, the Commission decided to limit its
investigation to a reasonable number of exporting producers by using a sample in
accordance with Article 17(1) of Regulation (EU) 2016/1036 of the European
Parliament. The criteria used to select the sample was the volume of the product
concerned exported to the European Union during the investigation period. As a
result, three companies, Arcelor Mittal, CSN and Usiminas, responsible for 97%
of total exports to the EU, were chosen to represent Brazil in the
investigation.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In January 2017, the Commission issued a regulation
establishing that imports of hot&#8211;rolled flat steel products originated from
Brazil and Russia are subject to registration with customs. The consequence of
the registration is that all imports cleared after January 7, 2017, will be
exposed to the risk of being subject to retroactive collection of duties against
Brazil at the end of the investigation.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">62</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_63></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The preliminary determination was issued in April 2017 by
the European Commission, which opted not to impose provisional duties on the
imports of Hot Rolled products from Brazil into the European Union.&nbsp; In
October 2017, the Commission imposed a definitive anti-dumping duty of 53.4
euros/ton on imports from us. The duties imposed for other Brazilian companies
were 54.5 euros/ton for Arcelor Mittal, 55.8 euros/ton for Gerdau and 63
euros/ton for Usiminas.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Canada</FONT></I></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Anti-dumping</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">. In Canada, we are subject to regulation and supervision
by the Canadian International Trade Tribunal, or CITT, the Canada Border
Services Agency, or CBSA, and the Anti-dumping and Countervailing
Directorate.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In January 2001, the Canadian government initiated an
anti-dumping investigation process involving hot-rolled sheets and coils
exported from Brazil. The investigation was concluded in August 2001, with the
imposition by Canada of an anti-dumping order. Despite the limitations imposed
by Canada, we are not currently affected by this anti-dumping order since we do
not export hot rolled coil to Canada.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Overview of Steel Industry</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">World Steel Industry</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The worldwide steel industry comprises hundreds of
steelmaking facilities divided into two major categories, integrated steelworks
and non-integrated steelworks, depending on the method used for producing steel.
Integrated plants, which accounted for approximately 2/3 of worldwide crude
steel production in 2013, typically produce steel by smelting in blast furnaces
the iron oxide found in ore and refining the iron into steel, mainly through the
use of basic oxygen furnaces or, more rarely, in electric arc furnaces.
Non-integrated plants (sometimes referred to as mini-mills), which accounted for
approximately 1/3 of worldwide crude steel production in 2013, produce steel by
melting scrap metal, occasionally complemented with other metallic materials,
such as direct reduction iron or hot-briquette iron, in electric arc furnaces.
Industry experts expect that a lack of a reliable and continuous supply of
quality scrap metal, as well as the high cost of electricity, may restrict the
growth of mini- mills.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel continues to be the material of choice in the
automotive, construction, machinery and other industries. Notwithstanding
potential threats from substitute materials such as plastics, aluminum, glass
and ceramics, especially for the automotive industry, steel continues to
demonstrate its economic advantage. From 2006 through 2015, total global crude
steel production averaged approximately 1.5&nbsp;billion tons per year.
According to the WSA, in 2016, production reached 1.6 billion tons, which
represents an increase of 0.8% as compared to 2015.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">China&#8217;s crude steel production in 2016
reached&nbsp;808&nbsp;million tons, an increase of 1.2% as compared
to&nbsp;2015. Production volume in China has almost doubled in the last ten
years, from 421&nbsp;million tons in 2006. China&#8217;s share of world steel
production increased from 49.4% in 2015 to&nbsp;49.6% in 2016. In 2016, Asian
countries increased their production by 1.6%, reaching 1.125 billion tons,
according to WSA.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">All major producing countries, except for&nbsp;India,
decreased their production levels in&nbsp;2016. According to the World Steel
Associatiom, in 2016 the global crude steel production increased, slightly and,
considering that 2014 was a record production year, the production levels
remained in line with 2015 figures. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Brazilian Steel Industry</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Since the 1940s, steel has been of vital importance to
the Brazilian economy. During the 1970s, strong government investments were made
to provide Brazil with a steel industry able to support the country&#8217;s
industrialization boom. After a decade of little to no investment in the sector
in the 1980s, the government selected the steel sector as the first for
privatization commencing in 1991, resulting in a more efficient group of
companies operating today.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">63</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_64></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">A Privatized Industry</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">During almost 50 years of state control, the Brazilian
flat steel sector was coordinated on a national basis under the auspices of
Siderbr&#225;s, the national steel monopoly. The state had far less involvement in
the non-flat steel sector, which has traditionally been made up of smaller
private sector companies. The larger integrated flat steel producers operated as
semi-autonomous companies under the control of Siderbr&#225;s and were each
individually privatized between 1991 and 1993. We believe that the privatization
of the steel sector in Brazil has resulted in improved financial performance, as
a result of increased efficiencies, higher levels of productivity, lower
operating costs, a decline in the labor force and an increase in
investment.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Domestic Demand</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Historically, the Brazilian steel industry has been
affected by substantial fluctuations in domestic demand for steel. Although
national per capita consumption varies with GDP, fluctuations in steel
consumption tend to be more pronounced than changes in economic activity. Crude
steel consumption per capita in Brazil has decreased from 147 kilograms in 2010
to 114 kilograms in 2015. It is considered low when compared to the levels of
some developed countries, such as the United States and Germany.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">From 2006 to 2016, Brazilian GDP grew on average 2.2%.
In&nbsp;2008 and 2009, overall global economic activity slowed significantly and
domestic apparent steel consumption amounted to 24.0&nbsp;million tons and
19.1&nbsp;million tons, respectively. In 2010, with the recovery of the global
economy, domestic demand rose by 38.8% to 26.6 million tons. On the other hand,
in 2011, domestic steel demand decreased 1.2% to 26.2 million tons, mainly due
to high levels of inventory held by distributors and increased indirect imports.
In 2012, the slowdown of the Brazilian economy led to another decrease in steel
consumption of 17.6% to 21.6 million tons.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The Brazilian flat steel sector is shifting production to
the higher value-added consumer durable sector. This sector is highly dependent
on domestic consumer confidence, which, in turn, is affected by economic
policies and certain expectations of the current government administration. Over
the past years, automobile manufacturers made significant investments in Brazil.
In 2009 and 2010, vehicle production recovered from the 2008 financial crisis in
response to government incentives such as tax cuts. In 2012, the Brazilian
market reached a record 3.8 million vehicles sold, reflecting a specific
government measure, which reduced the industrialized products tax. On the other
hand, exports decreased by 20.1%. In 2013, with the postponement of the
reduction in industrialized products tax, the Brazilian market maintained the
level of vehicles sales, but had an increase of 13.5% in exports, according to
the Auto Manufacturers&#8217; Association, or ANFAVEA, data. In 2014,&nbsp;the
decrease in the family consumption and the employment level, allied with the
end&nbsp;of government incentives resulted in a reduction of 7.1% in vehicles
sales, respectively, according to the ANFAVEA data. In 2015 and 2016, vehicles
sales decreased 26.6% and 20.2%, respectively, due to the economic recession, a
large number of&nbsp;vehicles in stock and by the return of the industrialized
products tax. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Market Participants</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">According to IABr (Instituto A&#231;o Brasil), the Brazilian
steel industry is composed of 29 mills managed by 11 corporate groups, with an
installed annual capacity of approximately 48.9&nbsp;million tons, producing a
full range of flat, long, carbon, stainless and specialty steel.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Capacity Utilization</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The installed capacity in 2016 was estimated at 50.3
million tons, in 2015 was 47.4 million tons, the local steel industry operated
at approximately 62% utilization in&nbsp;2016, a reduction of 5% compared to the
level recorded in 2015.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Exports/Imports</FONT></I></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Brazil has been playing an important role in the export
market, primarily as an exporter of semi-finished products. The Brazilian steel
industry has taken several steps towards expanding its capacity to produce
value-added products. In 2012, exports of semi-finished products were 6.6
million tons, a 7.4% decrease in relation to the previous year, representing 68%
of total exports. In 2013, the exports of semi-finished products reached 5.3
million tons, representing&nbsp;65% of total exports. In 2014, Brazilian steel
exports totaled 9.8 million tons, an increase of 21% compared to 2013 and steel
imports increased&nbsp;by 7%, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">compared to&nbsp;2013, according to IABr. In 2015, the
exports of semi-finished and finished steel products reached 13.7 million tons,
an increase of 40% compared to 2014.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">64</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_65></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, Brazilian steel exports totaled 13.4 million
tons and accounted for US$5.6&nbsp;billion in export earnings for Brazil. Over
the last 20 years, the Brazilian steel industry has been characterized by a
structural need to export, which is demonstrated by the industry&#8217;s supply demand
curve. The Brazilian steel industry has experienced periods of overcapacity,
cyclicality and intense competition during the past several years. Demand for
finished steel products, as measured by domestic apparent consumption, has
consistently fallen short of total supply (defined as total production plus
imports). In 2015, steel imports were&nbsp;3.2 million tons, or&nbsp;15% of
apparent domestic consumption, in line with the figures from&nbsp;2014.
In&nbsp;2015, steel imports decreased&nbsp;by 19% as compared to&nbsp;2014. In
2016, steel imports decreased by 2.1% as compared to 2015, according to
IABr.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">For information on the production by the largest
Brazilian steel companies, see &#8220;Item 4B. Business
Overview&#8212;Competition&#8212;Competition in the Brazilian Steel Industry.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635055></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4C.
Organizational Structure</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We conduct our business directly and through
subsidiaries. For more information on our organizational structure, see Note
2(b) to our consolidated financial statements included in &#8220;Item 18. Financial
Statements.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> &nbsp;<A name=_Toc384635056></A></FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4D. Property, Plant and Equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our principal executive offices are located in the city
of S&#227;o Paulo, the State of S&#227;o Paulo at Avenida Brigadeiro Faria Lima, 3,400,
20<SUP>th</SUP>, 19<SUP>th</SUP> and 15<SUP>th</SUP> - part floors (telephone
number 55-11-3049-7100), and our main production operations are located in the
city of Volta Redonda, in the State of Rio de Janeiro, located approximately 120
km from the city of Rio de Janeiro. Presidente Vargas Steelworks, our steel
mill, is an integrated facility covering approximately 4.0 square km and located
in the city of Volta Redonda in the State of Rio de Janeiro. Our iron ore,
limestone and dolomite mines are located in the State of Minas Gerais, which
borders the State of Rio de Janeiro to the north. Each of these mines lies
within 500 km of, and is connected by rail and paved road to, the city of Volta
Redonda.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below sets forth certain material information
regarding our property as of December&nbsp;31, 2016. For more information, see
Note 11 to our consolidated financial statements included in &#8220;Item 18. Financial
Statements.&#8221;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 width="101%" border=0>

  <TR style="HEIGHT: 14.85pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Facility&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Location&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Size&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Use&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Productive&nbsp;Capacity</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Title&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Encumbrances&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Presidente
      Vargas&nbsp;Steelworks&nbsp;(1)&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Volta Redonda,&nbsp;State of Rio
      de&nbsp;Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">4.0 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">steel mill&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">5.6 million tons per&nbsp;year&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN Cimentos&nbsp;(2)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Volta Redonda,&nbsp;State of Rio
      de&nbsp;Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.08 square km</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">cement plant</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">2.4 million tons per year</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN Porto Real</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Porto Real, State of&nbsp;Rio de
      Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.27 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">galvanized steel&nbsp;producer&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">350,000 tons per&nbsp;year&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN Paran&#225;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Arauc&#225;ria, State of&nbsp;Paran&#225;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.98 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">galvanized and pre-painted
    products&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">100,000 tons of pre-&nbsp;painted product
      and&nbsp;220,000 tons of&nbsp;pickled
      hot-rolled&nbsp;coils&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Prada&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">S&#227;o Paulo, State of S&#227;o&nbsp;Paulo
      and&nbsp;Uberl&#226;ndia, State of&nbsp;Minas Gerais&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">SP &#8211; 0.14 square km;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">steel can&nbsp;manufacturer&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">1 billion cans per&nbsp;year&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">MG &#8211; 0.02 square km;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN, LLC&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Terre Haute,&nbsp;Indiana, USA&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.78 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">cold-rolled and&nbsp;galvanized
      products&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">800,000 tons of&nbsp;cold-rolled products&nbsp;and
      315,000 tons&nbsp;per year of&nbsp;galvanized products&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Lusosider&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Seixal, Portugal&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.39 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">hot-dip galvanized,&nbsp;cold-rolled and
      tin&nbsp;products&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">240,000 tons of&nbsp;galvanized&nbsp;products and
      50,000&nbsp;tons of cold-rolled&nbsp;products per year&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Prada&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Mogi das Cruzes,&nbsp;State of S&#227;o
      Paulo&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.20 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">distributor&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">730,000 tons per year&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">65</FONT></P>
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  <TR style="HEIGHT: 14.85pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN Minera&#195;&#167;&#195;&pound;o</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Congonhas, State of&nbsp;Minas Gerais
      &nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">78.41&nbsp;square km&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">iron ore mine&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">32 mtpy(4) of iron ore </FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Owned / concession </FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 14.85pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Arcos Plant and Bocaina mine&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Arcos, State of&nbsp;Minas
    Gerais&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">5.35 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">limestone and&nbsp;dolomite mines</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">2.3 mtpy&nbsp;of cement</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">ERSA mine&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Ariquemes, State of Rond&#195;&#180;nia&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.015 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;tin mine&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">3,200 tons&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Thermoelectric co-generation
      power&nbsp;pl</FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">ant&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Volta Redonda,&nbsp;State of Rio
      de&nbsp;Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.04 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">power plant&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">235.2 MW&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">It&#195;&#161;(8)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Uruguay River -&nbsp;Southern
      Brazil&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">9.87 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">power plant&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">1,450 MW&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Igarapava(9)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">5.19 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">power plant&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">210 MW&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Southeastern (MRS)&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Southern and&nbsp;Southeastern&nbsp;regions of
      Brazil&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">1,674 km of tracks&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">railway&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">FTL</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Northern and&nbsp;northeastern regions of
      Brazil&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">4,238 km tracks of railway 1</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">railway&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">TLSA</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Northern and&nbsp;northeastern regions of
      Brazil&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">-600 km tracks of&nbsp;railway 2</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">railway&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">TECAR at Itagua&#195;&#173;&nbsp;Port&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Itagua&#195;&#173;, State of Rio
      de&nbsp;Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.69 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Iron ore shipment</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">45 mtpy&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Container terminal -&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">TECON at Itagua&#195;&#173;&nbsp;port&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Itagua&#195;&#173;, State of Rio de
Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.44 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">containers&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">660 K TEUs py</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">concession&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Property</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">State of Rio de Janeiro&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">31.02 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Real Estate / Land</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">pledge(10)/Collateral&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Property</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">State of Santa&nbsp;Catarina&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">6.22 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Real Estate / Land</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">pledge(10)/Collateral&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Property</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">13.70 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Real Estate / Land</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">--&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Property</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">State of Piaui&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">861.69 square km</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Land</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel plant with rolling mill (SWT)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">Europa / Germany / Unterwellenborn</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">0.898 square km&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">production of sections</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">1 million tons per year</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">owned</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">none</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes the Volta
Redonda Long Steel Plant, which has an expected production capacity (when fully
operational) of 500,000 tons per year.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our CSN Cimentos cement
plant is included in the same area as our Presidente
Vargas&nbsp;Steelworks.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;(3)&nbsp;
&nbsp; Property owned by our controlled company CSN Minera&#195;&#167;&#195;&pound;o
(87.52%).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information on
installed capacity of products.&nbsp; For information on mineral reserves at our
Casa de Pedra mine, see &#226;&#8364;&#339;&#226;&#8364;&#8221;Reserves at Casa de Pedra Mine&#226;&#8364;&#157; and table under &#226;&#8364;&#339;&#226;&#8364;&#8221;Casa
de Pedra Mine&#226;&#8364;&#157;
below.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(5)&nbsp;
&nbsp; &nbsp; Based on the&nbsp;Manifesto de Mina.&nbsp; See &#226;&#8364;&#339;Item 4B. Business
Overview&#226;&#8364;&#8221;Government Regulation and Other Legal Matters&#226;&#8364;&#8221;Mining
Concessions.&#226;&#8364;&#157;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(6)&nbsp;&nbsp;&nbsp;&nbsp;Information on equipment fleet
installed annual ROM
capacity.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(7)&nbsp;&nbsp;&nbsp;&nbsp;Property owned by our
controlled company Min&#195;&copy;rios Nacional (100%).&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(8)&nbsp;&nbsp;&nbsp;&nbsp;Property 29.5% owned by
us.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">(9)&nbsp;&nbsp;&nbsp;&nbsp;Property 17.9% owned by
us.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(10)&nbsp;&nbsp;&nbsp;&nbsp;Pledged pursuant to various
legal proceedings, mainly related to tax
claims.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" 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;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For
information on environmental issues with respect to some of the facilities
described above, see &#226;&#8364;&#339;Item 4B. Business Overview&#226;&#8364;&#8221;Government Regulation and Other
Legal Matters&#226;&#8364;&#8221;Environmental Expenditures and Claims.&#226;&#8364;&#157; In addition, for
information on our plans to construct, expand and improve our facilities, see
&#226;&#8364;&#339;Item 4. Information on the Company&#226;&#8364;&#8221;D. Property, Plant and Equipment&#226;&#8364;&#8221;Planned
Investments&#226;&#8364;&#157; and Note 10 to our financial statements included elsewhere in this
Form&nbsp;20-F.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">66</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_67></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P align=center><IMG id=Imagem6 src="x17121523571901.jpg" width=567 height=331></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The map above shows the locations of the Presidente
Vargas Steelworks, CSN Paran&#225;, Prada, CSN Porto Real (formerly known as
GalvaSud), Metalic, Lusosider, ERSA, CSN LLC and SWT facilities, our iron ore,
limestone and dolomite mines, the power generating facilities in which we have
an ownership interest, and the main port used by us to export steel products and
import coal and coke, as well as the main railway connections.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">67</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_68></A>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Acquisitions
and Dispositions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Usiminas</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 31, 2016, we owned, directly and indirectly,
20.86% of the preferred shares and 15.19% of the common shares of Usinas
Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various
acquisitions in the market since mid-2010. For more information on the value of
these assets, please see &#8220;Item 5A. Operating Results&#8212;Critical Accounting
Estimates&#8212;Impairment of Long-Lived Assets, Intangible Assets, Goodwill and
Financial Assets.&#8221; We are assessing strategic alternatives in relation to our
investment in Usiminas. For more information on the antitrust matters regarding
our investment in Usiminas see &#8220;Item 8. Financial Information&#8212;A. Consolidated
Statements and Other Financial Information Selected Financial Data&#8212;Legal
Proceedings&#8212;Antitrust.&#8221; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of March 2016, Usiminas&#8217; Board of Directors approved a
capital increase amounting to R$64,882 thousand, through the issuance of
50,689,310 preferred shares. Consequently, on April 19, 2016, CSN exercised its
right of subscription, paying R$11,603 thousand for 9,064,856 preferred
shares.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In April 2016, the Usiminas Shareholders&#8217; Meeting
approved 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 23 May 2016. On May 20,
2016, CSN exercised its right of subscription, paying R$178,832 thousand for
35,766,351 common shares.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 28, 2016, CSN elected, for two years&#8217; term of
office, two fixed and two alternate members on the Usiminas&#8217; Board of Directors
and, for one year&#8217;s term, one fixed and one alternate member on 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 CADE in
2014. The mentioned decision permitted CSN to elect pre-approved members to the
Board of Directors and Fiscal Committee of Usiminas, and was rendered by the
majority of CADE's members at its April 27, 2016, session. Even though CADE&#8217;s
decision is currently subject to litigation, there is no judicial order in place
overturning or otherwise suspending its effects. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Namisa / CSN Minera&#231;&#227;o </FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By the end of 2015, we restructured our iron ore business
by means of the combination into CSN Minera&#231;&#227;o, a CSN subsidiary, of the iron
ore businesses and related logistics assets of CSN and Nacional Min&#233;rios S.A.
(&#8220;Namisa&#8221;), resulting in a fully integrated operation. As part of the
restructuring, Nacional Min&#233;rios S.A was merged into CSN Minera&#231;&#227;o. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Previously, in 2008, a consortium of Asian companies
composed of Itochu Corporation, JFE Steel Corporation, Kobe Steel, Ltd, Nisshin
Steel Co. Ltd., Posco and China Steel Corporation, or the Asian Consortium, made
an investment in our subsidiary Namisa. The joint control of Namisa was governed
by a shareholders&#8217; agreement entered into with the Asian Consortium. In
addition, we entered into certain other agreements, including a share purchase
agreement and long-term operational agreements, which provided for certain
obligations that, in case breached and not cured within the relevant cure
period, could give rise, in certain situations, to the right of the
non-breaching party to exercise a call or a put option, as the case may be, with
respect to the Asian Consortium&#8217;s ownership interest in Namisa.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2013, we and the Asian Consortium initiated
negotiations to resolve certain matters that (i) were subject to qualified
quorum under the shareholders&#8217; agreement, and (ii) related to the fulfillment of
certain obligations under the agreements mentioned above. In parallel, we
engaged in discussions with the Asian Consortium aiming at the combination of
the iron ore business and related logistics assets of CSN and Namisa.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 30, 2015, the aforementioned discussions
resolved upon the closing of an agreement between the Asian Consortium and us,
providing for the combination of CSN&#8217;s and Namisa&#8217;s iron ore business and
related logistics assets. The transaction consisted of a joint venture whereby
the Asian Consortium contributed its 40% ownership interest in Namisa to CSN
Minera&#231;&#227;o (formerly named Congonhas Min&#233;rios S.A.) and CSN contributed the Casa
de Pedra iron ore mine, its 60% ownership interest in Namisa, an 8.63% ownership
interest in MRS and the rights to manage and operate the port concession in the
Itagua&#237; Port (TECAR). In addition, long-term &#8220;offtake&#8221; agreements were executed
for the supply by CSN Minera&#231;&#227;o of iron ore products to the Asian Consortium
members and to us, as well as a long term port services agreement was executed
between CSN Minera&#231;&#227;o and CSN to guarantee the use of TECAR by CSN to import raw
materials necessary for our other activities. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">68</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_69></A>
<a name="_bclPageBorder69"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Considering CSN&#8217;s and the Asian Consortium&#8217;s
contributions in the transaction, adjustments arising from the negotiations
between the parties, as well as debt, cash and working capital adjustments,
immediately after the closing, CSN and the Asian Consortium became shareholders
of CSN Minera&#231;&#227;o with ownership interests of, respectively, 87.52% and 12.48%.
The transaction also included an earn-out mechanism which, in the event of a
qualified liquidity event under certain valuation parameters occurring within an
agreed period of the closing of the transaction, could dilute the Asian
Consortium's ownership interest in CSN Minera&#231;&#227;o from 12.48% down to
8.71%.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN Minera&#231;&#227;o is currently a fully integrated operation
(mine, rail and port), which includes an 18.63% ownership interest in MRS
(comprised of Namisa&#8217;s former 10% ownership interest in MRS and the 8.63%
ownership interest contributed by CSN), access to rail transportation in the
form of long term agreements and the TECAR port concession.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a result of this transaction, CSN and the Asian
Consortium put an end to the discussions initiated in 2013 and CSN Minera&#231;&#227;o
captured synergies among the businesses involved, including process
optimization, efficiencies in the operation and reduction of operational costs
and capital expansion and increased shareholder value, creating a world class
company.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Metalic</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 15, 2016, CSN's Board of Directors approved the
sale of all shares issued by Metalic to Can-Pack Brasil Ind&#250;stria de Embalagens
Ltda., a subsidiary of the Polish metallic packaging company Can-Pack S.A.,
manufacturer and marketer of metallic packaging. The value of the transaction
was R$372.5 million and the sale was effective as of November 30,
2016.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For more
information, see Note 4 to our consolidated financial statements included in
&#8220;Item 18. Financial Statements.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital Expenditures </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, the investments made by us totaled approximately
R$1.6 billion, highlighting:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Cement: R$657 million mainly for completion of the new clinker plant;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Steel: R$588 million, mainly for sustaining investments in coke plants at UPV
(Presidente Vargas plant), environmental projects at UPV, general repair for
resuming operations of Blast Furnace No.2, technological modernization projects
at UPV and maintenance projects;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Mining: R$257 million, mainly sustaining investment projects;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Other investments: R$130 million for running investments in other operations
(such as FTL and Tecon) and corporate projects (such as IT).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Planned Investments </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, our investment budget </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">prioritizes t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">he
sustainment of existing investments in order to maintain operational capability
and to comply with environmental and safety</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
requirements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. New investments are evaluated considering the market
conditions, financial results and projection of additional cash flow generated
by each project.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Considering these guidelines, investments planned for
2017 amounted to R$1.0 billion, highlighted below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Steel: R$467 million, mainly for sustaining investments in coke plants UPV,
environmental projects, technological modernization projects at the UPV plant,
and maintenance projects in other units;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Mining (projects at CSN Minera&#231;&#227;o, including Tecar): R$343 million, mainly for
running projects in iron ore beneficiation, maintenance of tailings dams,
expansions studies for Phase 60 Mtpa in Tecar (engineering and environmental
studies) and sustaining investment projects in the units;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">69</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_70></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Cement: R$96 million, especially sustaining projects in the units;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;
Other investments: R$94 million for sustaining investments in other operations
(such as FTL and Tecon) and corporate projects (such as IT);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our planned investments in steel, iron ore, cement and
logistics are described below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The investment plan in the coming years prioritizes the
sustainment of existing investments for efficiency gains, including the revamp
of coke ovens, steel mill, pickling, casting, and execution of environmental
projects, technological modernization projects at the UPVs and maintenance
projects in other units. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The investment plan in the coming years prioritizes the
sustainment of existing investments. Depending on the market conditions,
financial results and projection of additional cash flow generated by each
project, we intend to expand the production capacity in Casa de Pedra to 40
million tons per year. In addition, we plan to expand the and the port capacity
in Itaguai / RJ (Tecar) from 45 million tons to 60 million tons. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the second half of 2016, we began operating a new
clinker kiln in Arcos in addition to our existing clinker kiln at the same
location, where we use our own limestone and two cement mills. We also plan to
evaluate the benefits of deploying an advanced milling unit to add 1 million
tons of capacity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additional Investments</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to the currently planned investments and
capital expenditures, we continue to evaluate possible acquisitions or
divestitures, joint controlled entities and brownfield or greenfield projects to
increase or complement our steel, cement and mining production and logistics
capabilities, logistics infrastructure, energy generation and return on
capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635057></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4E.
Unresolved Staff Comments</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635058></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 5.
Operating and Financial Review and Prospects</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following discussion should be read in conjunction
with our consolidated financial statements as of December&nbsp;31, 2016 and
2015, and for each of the years ended December&nbsp;31, 2016, 2015 and 2014,
included in &#8220;Item 18. Financial Statements.&#8221; Our consolidated financial
statements were prepared in accordance with IFRS as&nbsp;issued by the IASB and
are presented in thousands of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (R$), as
explained in Note 2(a) to our consolidated financial statements included in
&#8220;Item 18. Financial Statements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The consolidated financial statements for the year ended
December 31, 2015 have been restated to reflect the outcomes of a detailed
review of the business combination transaction that occurred on November 30,
2015, involving our mining and related logistics assets, as well as the outcomes
of the in-depth review we performed of various components and transactions,
including studies that support the recognition and maintenance of the amounts of
long-lived assets, investments in subsidiaries and associates, goodwill,
property, plant and equipment and tax credits. The reviews mentioned above
resulted in material adjustments to the following items:</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">70</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_71></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Business Combination </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">The Business Combination involving CSN Minera&#231;&#227;o and
Namisa; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Adjustments to the participation of the non-controlling
interest of CSN Minera&#231;&#227;o resulting from a change in the interpretation of the
application of the IFRS 3 accounting pronouncement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">Expected realization of income tax and social
contribution tax credits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For more information, see Note 2.a.a to our consolidated
financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;<A name=_Toc384635059></A></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5A.
Operating Results</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Overview</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazilian
Macro-Economic Scenario</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a company with the vast majority of its operations and
a large portion of its sales in Brazil, we are affected by the general economic
conditions of Brazil. The rate of growth in Brazil is important in determining
our growth capacity and the results of our operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table shows some Brazilian economic
indicators for the periods indicated:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 13.45pt">
    <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>
    <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=5 noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December
    31,</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #2f75b5 1pt solid; HEIGHT: 11pt; BORDER-BOTTOM: #2f75b5 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">GDP
      growth</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(3.6%)</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(3.8%)</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">0.1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Inflation (IPCA)&#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">6.3%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">10.7%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">6.4%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Inflation (IGP-M)&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">7.2%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">10.5%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">3.7%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">CDI&#179;</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">14.0%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">13.2%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">10.8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 21.4pt">
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Appreciation (depreciation) of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"> against the U.S. dollar </FONT></P></TD>
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(4.2%)</FONT></P></TD>
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(29.5%)</FONT></P></TD>
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 21.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(8.2%)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Exchange rate at the end of period
      (U.S.$1.00)</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">R$3.259</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">R$3.904</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">R$2.656</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Average
      exchange rate (U.S.$1.00)</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">R$3.483</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">R$3.338</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">R$2.357</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Unemployment rate&#8308;</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">11.5%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">8.5%</FONT></P></TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">6.8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=6>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Sources: IBGE, Funda&#231;&#227;o Get&#250;lio Vargas, Central
      Bank and CETIP.</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=6 noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(1) The IPCA is a consumer price index measured by
      the IBGE.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=6 noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(2) The IGP-M is the general market price index
      measured by the Funda&#231;&#227;o Get&#250;lio Vargas.</FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=6>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(3) The Interbank Deposit Rate, or CDI, represents
      the average interbank deposit rate performed durig a given day in Brazil
      (accrued as of the last month of the period, annualized).</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.2pt">
    <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=6 noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(4) The unemployment rate (PNAD) is measured by
      IBGE.</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For the years ended December 31, 2014, 2015 and 2016, our
steel segment represented 71%, 73% and 67% of our net revenues, respectively,
and 62%, 59% and 47% of our gross profit, respectively. In 2016, 61% of our
steel revenues were in Brazil and 39% were abroad, as compared to 60% and 40%,
respectively, in 2015, and 75% and 25%, respectively, in 2014. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the World Steel Association (WSA), global
crude steel production totaled 1.6 billion tons in 2016, 0.8% more than 2015,
with China responsible for 808 million tons, or 50% of the global output,
recording an increase of 1.2%. Japan's crude steel remained stable totaling 105
million tons in 2016. In the European Union, production reached 162 million tons
in 2016, corresponding to a decrease of 2.3% compared to 2015. In the U.S.,
crude steel production totaled 78 million tons in 2016, stable when compared to
2015. Existing global capacity usage increased by 2.8% over the year to
68.1%.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">71</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_72></A>
<a name="_bclPageBorder72"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the Brazilian Steel Institute (IABr),
domestic crude steel production was 30.2 million tons in 2016, 9.2% less than in
2015, while rolled steel output totaled 20.9 million tons, down by 7.7% in the
same period.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Apparent domestic steel product consumption in Brazil
amounted to 18.3 million tons in 2016, 14% less than in 2015, while domestic
sales decreased 9% to 16.5 million tons.&nbsp; Annual imports to Brazil were 1.9
million tons, 41% less than the year before, and exports were down by 2% to 13.4
million tons. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For the years ended December 31, 2014, 2015 and 2016, our
mining segment represented, 25%, 21% and 27% of our net revenues, respectively,
and 25%, 25% and 33% of our gross profit, respectively. In 2016, 88% of our
mining revenues came from exports and 12% from the domestic market, as compared
to 95% and 5%, respectively, in 2015, and 93% and 7%, respectively, in 2014. In
2016, the seaborne iron ore market made a slight recovery after a strong
downward price pressure due to the increased supply capacity in Australia and
Brazil in the previous years. In response to the slowdown in macroeconomic
indicators that stretched from 2015 to mid-February 2016 when iron ore prices
reached US$42.90/dmt, the Chinese government promoted credit expansion and
stimulated investments in steel-intensive sectors such as infrastructure and
construction. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, the closure of low-efficiency mills resulted in
an increase in the utilization capacity, which, coupled with higher steel
demand, led to improved margins and higher iron ore prices. In this context,
iron ore prices increased 5.3% in 2016 compared to 2015, reaching an average of
US $ 58.45/dmt (Platts, Fe 62%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics,
Port Logistics, Cement and Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 2.85pt 5pt 0cm; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">The
performance of our logistics, cement and energy segments are directly related to
the performance of our steel and mining segments. For the years ended on
December 31, 2014, 2015 and 2016, these segments represented an aggregate of
13%, 13% and 13% of our net revenues, respectively, and an aggregated of 15%,
17% and 13% of our gross profit, respectively. A material portion of the
revenues in these segments is derived from our steel and mining operations,
which utilize our logistics network and energy output.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 2.85pt 5pt 0cm; TEXT-INDENT: 21.25pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 2.85pt 5pt 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Specific Events Affecting our Results of
Operations</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 2.85pt 5pt 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 2.85pt 5pt 0cm"><B><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN Minera&#195;&#167;&#195;&pound;o (former Congonhas Min&#195;&copy;rios
S.A.)</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On December 11, 2014,
the Board of Directors of CSN approved the establishment of a strategic alliance
with an Asian Consortium comprised by the companies ITOCHU Corporation, JFE
Steel Corporation, POSCO, Ltd., Kobe Steel Ltd., Nisshin Steel Co, Ltd. and
China Steel Corp. (&#226;&#8364;&#339;Asian Consortium&#226;&#8364;&#157;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">The
transaction consisted of a business combination through which the Asian
Consortium contributed equity interest in Namisa into CSN Minera&#195;&#167;&#195;&pound;o S.A, a
mining subsidiary of CSN. Those excluded assets were net assets and mining
rights of Fernandinho, Cayman and Pedras Pretas. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">After the corporate restructuring, CSN Minera&#195;&#167;&#195;&pound;o became
the holder of the commercial establishment related to CSN&#226;&#8364;&#8482;s iron ore mine Casa
de Pedra, CSN&#226;&#8364;&#8482;s 60% equity interest in Namisa, 8,63% direct interest in MRS, as
well as the right to manage and operate the solid bulk terminal of TECAR in
Itagua&#195;&#173; Port (&#226;&#8364;&#339;TECAR&#226;&#8364;&#157;). The excluded assets Fernandinho, Cayman and Pedras
Pretas were contributed to Min&#195;&copy;rios Nacional S.A. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">The
transaction was concluded by the signing of a shareholders&#226;&#8364;&#8482; agreement by the
shareholders of CSN Minera&#195;&#167;&#195;&pound;o, on November 30, 2015.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">72</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_73></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">The
following steps were carried out in order to conclude the
transaction:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Payment of dividends by Namisa before the closing of the
transaction, amounting to US$1.4 billion (equivalent to R$5.4
billion);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Disproportionate spin-off of certain assets of NAMISA,
such as the mining rights of Fernandinho, Cayman and Pedras Pretas, as well as
the net assets of Fernandinho, for subsequent contribution to Min&#233;rios Nacional,
a wholly-owned subsidiary of CSN. After the spin off, CSN held a 59.76% interest
in Namisa;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Restructuring of CSN Minera&#231;&#227;o through the contribution,
by CSN, of the assets and liabilities related to Casa de Pedra, the rights to
operate TECAR, 59.76% of Namisa&#8217;s shares post-split of the excluded assets,
8.63% of MRS&#8217; shares, and US$850 million in debt (equivalent to R$3,370 million,
as presented in Note 3 to our consolidated financial statements);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Liquidation of the pre-existing agreements with Namisa
for supply of high-silicon and low-silicon content ROM (Run of Mine), port
services and ore beneficiation;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Acquisition, by CSN Minera&#231;&#227;o, of the Namisa shares
post-split of the excluded assets held by the Asian Consortium, resulting in the
merger of Namisa into CSN Minera&#231;&#227;o;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Signing of a shareholders&#8217; agreement (&#8220;Shareholders&#8217;
Agreement&#8221;) by the shareholders of CSN Minera&#231;&#227;o;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Payment by CSN of US$680 million relating to the
acquisition of 4% of the shares held by the Asian Consortium in CSN Minera&#231;&#227;o
and additional US$ 27 million relating to the acquisition of 0.16% of the shares
held by the Asian Consortium in CSN Minera&#231;&#227;o, amounting to US$ 707 million
(equivalent to R$2.7 billion).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">We
applied IFRS 3 to record the November 2015 transaction, as there was a change of
control of Namisa on November 30, 2015. Before the acquisition, Namisa was
spin-off to set apart certain assets, such as the mining rights of Fernandinho,
Cayman and Pedras Pretas, as well as the net assets of Fernandinho, which were
transferred to Min&#233;rios Nacional, and the main assets were acquired by CSN
Minera&#231;&#227;o.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a result of the step acquisition, we recognized a gain
of R$3,790 million in the value of Namisa, being 59.76% interest in Namisa after
the spin-off of the excluded assets amounting to R$2,516 million and 60%
interest in Namisa before the spin-off which amounted to R$1,274 million for the
excluded assets (Fernandinho, Cayman and Pedras Pretas mines). In addition, as a
result of the application of items B51 and B52 of IFRS 3, we recognized a loss
of R$493 million equivalent to 40.24% of the result of the termination of the
then existing agreements between Namisa and CSN Minera&#231;&#227;o. We also recorded a
tax expense of R$266 million on the net gains from the transaction mentioned
above. See further details in Note 2ab and Note 3 to our consolidated financial
statements.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, there was a change in our interest in CSN
Minera&#231;&#227;o without representing a loss of control in CSN Minera&#231;&#227;o. Our
participation decreased from 100% to 87.52%. According to IFRS 10, this change
should be classified as an equity transaction and the resulting gain or loss on
the new value of the participation must be recorded directly in equity. Because
of this percentage change, we recorded a gain of R$2,943 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The sum of the net gains recorded in our results and the
gains recorded in our shareholders&#8217; equity was a total increase in our
shareholders&#8217; equity of R$5,975 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For further details, see Note 3 to our consolidated
financial statements included in this Annual Report. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">73</FONT></P>
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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Steel Markets and Product Mix</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">Supply and Demand for Steel</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Prices of steel are sensitive to changes in worldwide and
local demand, which in turn are affected by worldwide and country-specific
economic cycles, and to available production capacity. While the export price of
steel (which is denominated in U.S. dollars or Euros, depending on the export
destination) is the spot price, there is no exchange trading of steel or uniform
pricing. Unlike other commodity products, steel is not completely fungible due
to wide differences in terms of size, chemical composition, quality and
specifications, all of which impact prices. Many companies (including us)
discount their list prices for regular customers, making their actual
transaction prices difficult for us to determine.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Historically, export prices and margins have been lower
than domestic prices and margins because of the logistics costs, taxes and
tariffs. The portion of production that is exported is affected by domestic
demand, exchange rate fluctuations and the prices that can be charged in the
international markets.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following table shows Brazilian steel production and
apparent consumption (domestic sales plus imports) and global production and
demand for the periods indicated:</FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 13.55pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Brazilian Market&nbsp;(in thousands of
      tons)</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Total Flat and Long Steel</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Production</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">30,212</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">33,256</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">24,917</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Apparent Consumption&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">18,254</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">15,734</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">25,606</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Hot-Rolled Coils and Sheets</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Production&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,601</FONT></B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">4,715</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">4,541</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Apparent Consumption&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,654</FONT></B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,980</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">3,602</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Cold-Rolled Coils and Sheets</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Production&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;1,861</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,244</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,516</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Apparent Consumption</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">1,993</FONT></B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,299</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,843</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Galvanized Sheets</FONT></I></B><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Production</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,804</FONT></B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,108</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,887</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Apparent Consumption</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,804</FONT></B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">2,874</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">3,588</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Tin
      Plates</FONT></I></B></P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Production</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">&nbsp;</TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">576</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">553</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Apparent Consumption</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">497</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">534</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.3pt">
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Global Market&nbsp;(in millions of
      tons)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">Crude
      Steel Production&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">1,628</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">1,622</FONT></B></P></TD>
    <TD style="HEIGHT: 13.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 13.5pt" face="times new roman">1,670</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.55pt">
    <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%" colSpan=3>
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 13.5pt" face="times new roman">___________</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Product Mix and Prices</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Sales trends in both the domestic and foreign markets are
forecasted monthly based on historical data of the preceding months. CSN uses
its own information system to remain current on market developments so that it
can respond swiftly to fluctuations in demand.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN considers its flexibility in shifting between
markets, and its ability to monitor and optimize inventory levels in light of
changing demand, as key to its success.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We have a strategy of increasing the portion of our sales
attributable to higher value-added coated products, particularly galvanized flat
steel and tin plate products. Galvanized products are directed at the
automotive, construction and home appliance industries. Tin plate products are
used by the steel packaging market.</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">74</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_75></A>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 18.8pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=12>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Sales Volumes (1)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tons</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%" colSpan=7>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">% of Sales Volumes</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">In Market*</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=3>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" colSpan=2 noWrap>
      <P><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Domestic Sales</FONT></U></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      922 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,065 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,521 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      491 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      556 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      682 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">10%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">13%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      826 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      818 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,028 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">16%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">20%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      370 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      363 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      423 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">7%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      176 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      161 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      52 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">6%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">5%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Subtotal</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,784 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,968 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,718 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">57%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">59%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">72%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" colSpan=2 noWrap>
      <P><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Sales abroad</FONT></U></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;
      </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      114 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      235 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      53 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">5%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">5%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      89 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      204 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      65 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">10%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      938 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      717 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      481 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      158 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      141 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      115 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">7%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      775 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      724 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      746 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">16%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15%</FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Subtotal</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,073 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,022 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,460 </FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41%</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Total Sales</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      0 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,035 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,301 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,574 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      580 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      760 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      747 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,763 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,535 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,509 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      527 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      504 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      538 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      951 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      885 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      798 </FONT></P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17.85pt">
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 18.8pt">
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Total</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,857 </FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,990 </FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,177 </FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" noWrap>
      <P><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 18.8pt; BACKGROUND: white; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">100%</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">*
of Sales Volume in Market means the participation of each line of product into
the group of domestic sales and sales abroad.</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">75</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_76></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 14.95pt">
    <TD style="BORDER-TOP: #333399 1.5pt solid; HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%" colSpan=12>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Net Operating
    Revenues<SUP>(1)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">In millions of R$</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" colSpan=7>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">% of Net Operating Revenues</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="24%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">In Market*</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="34%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Domestic Sales</FONT></U></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,630 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,789 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,769 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">24%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">27%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">16%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">25%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,020 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,060 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,411 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">16%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,215 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,991 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,609 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">30%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">31%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">20%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">18%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">23%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,646 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,475 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,589 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">24%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">22%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">19%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">14%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      303 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      291 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      105 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Subtotal</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,815 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,612 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,493 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">61%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">60%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">75%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="34%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Sales abroad</FONT></U></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      147 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      386 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      81 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      153 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      403 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      124 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">5%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,249 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,734 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,009 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">51%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">40%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">37%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">20%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">16%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      389 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      421 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      280 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,451 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,388 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,269 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">33%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">32%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">46%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13%</FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Subtotal</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,390 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,332 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,764 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">39%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">40%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">25%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Total Sales</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Slabs</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Hot-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,777 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,175 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,849 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cold-Rolled</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,174 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,463 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,535 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Galvanized</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,465 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,725 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,618 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Tin Plate</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,035 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,896 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,869 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Long steel</FONT></B></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,755 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,679 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,375 </FONT></P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.25pt">
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.25pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.95pt">
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,205 </FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,944
      </FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,257
      </FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.95pt; BACKGROUND: white; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&#185;%
of Sales Volume in Market means the participation of each line of product into
the group of domestic sales and sales abroad.</FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Effects of
Exchange Rate Fluctuations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our export revenues are substantially denominated in U.S.
dollars and our domestic revenues are denominated in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A
significant portion of our cost of products sold is commoditized raw materials,
the prices of which are denominated in U.S. dollars. The balance of our cost of
products sold and our cash operating expenses (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">i.e.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, operating
expenses apart from depreciation and amortization) are denominated in
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">76</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_77></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depreciation of the Brazilian</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against the U.S. dollar</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">has the following effects on the results of our
operations:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Domestic revenues tend to be lower (in comparison with
prior years) and this effect partially offset to the extent to which we sell
more products than usual in the foreign market;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The impact of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real
</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">denominated costs of products sold and operating costs
tend to be lower; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial
expenses are increased to the extent to which our exposure to U.S.
dollar-denominated debt is not protected. However, to the extent our future
export transactions are hedged by our U.S. dollar denominated debt, our foreign
exchange variation generated from the debt used as a hedge instrument is
recognized directly in net equity as Other Comprehensive Income and will be
charged against income at the time the future export transactions occur.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The appreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against the
U.S. dollar has the following effects on the results of our
operations:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreign revenues tend to be lower (in comparison with
prior years) and this effect is partially offset to the extent to which we sell
more products than usual in the domestic market;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The impact of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> denominated
costs of products sold and operating costs tends to be higher; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial expense is reduced to the extent to which our
exposure to U.S. dollar-denominated debt is not protected. However, to the
extent our future export transactions are hedged by our U.S. dollar denominated
debt, our foreign exchange variation generated from the debt used as a hedge
instrument is recognized directly in net equity as Other Comprehensive Income
and will be charged against income at the time the future export transactions
occur. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The impact of fluctuations in the exchange rate of the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> against
other currencies on the results of our operations can be seen in the &#8220;foreign
exchange and monetary gain (loss), net&#8221; line in our income statement, although
that amount is partially offset by the net financial income (or expense)
attributable to the profit (or loss) on the derivative transaction of our
foreign currency-denominated debt. In order to minimize the effects of the
exchange rate fluctuations, we may use derivative transactions, including
currency swap and foreign currency option agreements. For a discussion of the
possible impact of fluctuations in the foreign currency exchange and interest
rates on our principal financial instruments and positions, see &#8220;Item 11.
Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Effects of
Inflation and Interest Rates</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2013, the IGP-M inflation index increased 5.9% and in
2014,2015, and in 2016 it increased 3.7%, 10.5% and 7.2%, respectively, driven
by domestic factors (including the increase in regulated prices, such as
gasoline and energy) as well external factors such as the strength of the U.S.
dollar.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Inflation also affects our financial performance by
increasing our costs and expenses denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">that are not
linked to the U.S. dollar. Our cash costs and operating expenses are
substantially denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and have
tended to follow the Brazilian inflation ratio, because our suppliers and
service providers generally increase or decrease prices to reflect Brazilian
inflation. In addition, some of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated
debt is indexed to take into account the effects of inflation. Under this debt,
the principal amount is generally adjusted with reference to inflation indicies.
In addition, a significant portion of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated
debt bears interest based on the Interbank Deposit Certificate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certificado de Dep&#243;sito Interbanc&#225;rio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or CDI, rate which is partially adjusted for
inflation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below shows the Brazilian general price index
and the CDI rates for the periods shown:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><IMG border=0 src="table01.gif">&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Accounting for mining production utilized by our steel production</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are currently self-sufficient regarding the iron ore used in our steel production except for pellets. The iron ore required is extracted from CSN Minera&#231;&#227;o mines, which in 2016 amounted to approximately 4.1&nbsp;million tons of its total iron ore production of approximately 32.2&nbsp;million tons</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The remainder of the iron ore production is sold to third parties in Brazil and throughout the world.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The cost of iron ore regarding our steel production is recorded on our income statement in the cost of goods sold line item as its extraction cost plus transport from the mine. In 2016, 2015 and 2014, these costs were R$515 million, R$377 million and R$422&nbsp;million, respectively.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> &nbsp;</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">After the closing of the transaction between CSN and the Asian Consortium, the cost of iron ore regarding our steel production is recorded as of December 2015 at adjusted market prices and conditions, instead of its extraction cost plus transport from the mine, as our mining operations are concentrated in our controlled company, CSN Minera&#231;&#227;o, which will sell iron ore to CSN to produce steel. Details of the transaction between CSN and the Asian Consortium and related conditions precedent for closing are described on&nbsp;Item &#8220;4D. Property, Plant and Equipment,&#8221; Acquisitions and Dispositions.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Critical Accounting Estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We prepared our consolidated financial statements as of and for the year ended December 31, 2016 and 2015, in accordance with IFRS, as issued by the IASB.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;In preparing our consolidated financial statements, we make estimates concerning a variety of matters. Some of these matters are highly uncertain, and our estimates involve judgments we make based on the information available to us. In the discussion below, we have identified several of these matters for which our financial presentation would be materially affected if either (1) we used different estimates that we could reasonably have used or (2) in the future we change our estimates in response to changes that are reasonably likely to occur.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">This discussion addresses only those estimates that we consider most important based on the degree of uncertainty and the likelihood of a material impact if we used a different estimate. There are many other areas in which we use estimates about uncertain matters, but the reasonably likely effect of changed or different estimates is not material to our financial presentation.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Impairment of long-lived assets, intangible assets, goodwill and financial assets</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In accordance with IAS 36 &#8220;Impairment of assets,&#8221; long-lived assets are&nbsp;assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated discounted future cash flows expected to be generated by the asset. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">If the carrying amount of a cash generating unit exceeds its estimated future cash flows, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds the greater of the value in use or fair value of the cash generating unit.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">A determination of the value in use or fair value of a cash generating unit requires management to make certain assumptions and estimates with respect to projected cash inflows and outflows related to future revenues and expenditures. These assumptions and estimates can be influenced by different external and internal factors, such as economic and industry trends, interest rates and changes in the marketplace. A change in the assumptions and estimates that we use could change our estimate of the expected future net cash flows and lead to the recognition of an impairment charge in results of operations relating to our property, plant and equipment.</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Assets that have an indefinite useful life, such as goodwill, are not subject to amortization and are assessed annually for impairment in accordance with IAS 36 &#8220;Impairment of assets.&#8221; Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Goodwill is allocated to Cash-Generating Units (CGUs) for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Financial assets are assessed for impairment at the end of each reporting period and we assess whether there is objective evidence that a financial asset or a group of financial assets is impaired.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment. Determining what is considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">For this judgment we assess, among other factors, the historical changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost, and the financial health and short-term prospects of the business for the investee, including factors such as: industry and segment performance, changes in technology, and operating and financial cash flows. If there is any of this evidence of impairment of available-for-sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss is reclassified from shareholders' equity and recognized in the income statement. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed through the income statement.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">On December 31, 2016, we owned, directly and indirectly, 20.86% of the preferred shares (USIM5) and 15.19% of the common shares (USIM3) of Usinas Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various acquisitions on the stock exchange since mid-2010. The instruments are classified as financial instruments available for sale and measured at their fair value based on their quoted market price in the Brazilian stock exchange (BOVESPA) on December 31, 2016.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Depreciation and amortization</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The basis for calculation of depreciation is the cost of the asset less the estimated residual value upon sale. While no specific depreciation method is recommended, the method chosen should be applied consistently for all significant components of assets and allocation of the depreciation should be on a systematic basis for each one of the accounting periods that best represents the realization of the economic benefits during the usable lives of assets.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The useful lives are reviewed every fiscal year for all of our units. See further details in Note 11 to our consolidated financial statements.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Fair value of business combinations</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The acquisition method is used to account for each business combination that we conduct. The payment obligation transferred by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Derivatives</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">IAS 39, &#8220;Financial Instruments: Recognition and Measurement&#8221; requires that we recognize all derivative financial instruments as either assets or liabilities on our balance sheet and measure such instruments at fair value. Changes in the fair value of derivatives are recorded in each period in the statement of income or in other comprehensive income, in the latter case depending on whether a transaction is designated as an effective hedge. Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recorded in the statements of income under &#8220;Financial income&#8221; and &#8220;Financial expenses.&#8221; We use derivatives for hedging purposes. We apply hedge accounting on our cash flow hedge in order to protect ourselves against exposure to changes in cash flows due to foreign currency risk associated with our recognized debt and with highly probable forecast transactions that may affect our net results. Our hedging instrument are non-derivative monetary items. Therefore, the effective portion of the foreign exchange </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">gains and losses are accounted for in other comprehensive income. The ineffective portion of the gain or loss on the hedging instrument, if any, is accounted for in income (loss). With respect to the fair value measurement, we must make assumptions such as to future foreign currency exchange and interest rates. For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Pension plans</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We sponsor
defined benefit pension plans covering some of our retirees. We account for
these benefits in accordance with IAS 19, &#8220;Employee Benefits.&#8221; The determination
of the amount of our obligations for pension benefits depends on certain
actuarial assumptions. These assumptions are described in Note 28 to our
consolidated financial statements and include, among others, the expected
long-term rate of return on plan assets and increases in salaries. Our net
obligation regarding defined pension benefit plans is calculated individually
for each plan by estimating the value of the future benefit that the employees
accrue in return for services provided in the current period and in prior
periods; such benefit is discounted to its present value. The discount rate is
the yield presented at the end of the reporting period for top line debt
securities whose maturity dates approximate the terms and conditions of our
obligations and which are denominated in the same currency as the one in which
it is expected that the benefits will be paid. The calculation is made annually
by a qualified actuary using the projected unit credit method.&nbsp; </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We
recognize all the actuarial gains and losses resulting from defined benefit
plans immediately in other comprehensive income and then transferred within
equity. If the plan is extinguished, actuarial gains and losses are recognized
in profit or loss.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Some of
our entities offered a postretirement healthcare benefit to their employees. The
expected costs of these benefits were accumulated during the employment period,
and are calculated using the same accounting method used for the defined benefit
pension plans.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Deferred taxes</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;We
compute and pay income taxes based on results of operations determined under
Brazilian Corporate Law. A deferred income tax liability is recognized for all
temporary tax differences, while a deferred income tax asset is recognized only
to the extent that it is probable that future taxable profit will be available
against which the deductible temporary difference can be utilized. Deferred tax
assets and liabilities are classified as long-term. Tax assets and liabilities
are offset if the entity has a legally enforceable right to offset them and they
are related to taxes levied by the same taxing authority. If the criterion for
offset of current tax assets and liabilities is met, deferred tax assets and
liabilities will also be offset. The income tax related to items recognized
directly in equity in the current period or in a prior period is recognized
directly in the same account. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We
regularly review the deferred income tax assets for recoverability and will only
recognize these if we believe that it is probable that the deferred income tax
assets will be realized, based on historical taxable income, projected future
taxable income, and the expected timing of the reversals of existing temporary
differences. If we operate at a loss or are unable to generate sufficient future
taxable income, or if there is a material change in the actual effective tax
rates or discount rates, the time period over which the underlying temporary
differences become taxable or deductible, or any change in its future
projections, we reduce the carrying amount of deferred income tax assets to the
extent that it is no longer probable that sufficient taxable profit will be
available to allow the benefit of part or all of that deferred income tax asset
to be realized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Annually, CSN performs a technical study to demonstrate
if the generation of future taxable profits support the realization of tax
credits. This study is prepared at entity level, in accordance with the
Brazilian tax legislation, and substantially considers our projections (98% of
the consolidated amount) since our controlled companies do not have material
credits for purposes of this study. We engage in the following
businesses:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">&#8226;
Flat Steel Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">&#8226;
Long Steel Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">&#8226;
Cement;</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The deferred tax assets on tax losses and temporary
differences refers mainly to the following:</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Nature</FONT></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Description</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Tax losses</FONT></P></TD>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">We recently began incurring tax losses, mainly due
      to high financial expenses since all of our loans and financings are on
      this level.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Exchange difference expenses</FONT></P></TD>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Since 2012, we have opted for taxation on a cash
      basis. We have operated without a taxable profit, so it would not make
      sense to use this deductibility on an accrual basis. As a result of the
      cash basis tax treatment, taxes are only due and expenses are only
      deductible at the time of debt settlement. </FONT></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Losses on Usiminas shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The losses on Usiminas shares are recognized on an
      accrual basis, but a taxable event will occur only at the time of
      divestment, which we expect to occur during the period projected to
      compensate for deferred taxes. </FONT></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Other provisions</FONT></P></TD>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">We recognize various accounting provisions on an
      accrual basis, but their taxation occurs only at the time of their
      realization. This includes provisions for contingencies, impairment
      losses, environmental liabilities, etc.</FONT></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The study was prepared based on our long-term business
plan, which covers a period for which our management can reasonably make
estimations. It considered several scenarios, which varied according to
different macroeconomic and operating assumptions. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The model for projection of taxable profit considers two
main indicators: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Pre-Tax Profit, reflecting our projected EBITDA plus
depreciation, other income and expenses and financial income (expenses);
and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Taxable Profit, which is our pre-tax profit plus (minus)
expenses and income items that are taxable at a time different from the time
obtained on an accrual basis (temporary differences).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">81</FONT></P>
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&nbsp; <A name="page_82"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Taxable profit is obtained considering adjustments to pre-tax profits for the following main items:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Foreign Exchange differences: are expected to be offset against future profits based on the original in liquidation debts owed to third parties and rescheduling of intercompany debts (to match the periods of greater profitability);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Losses on Usiminas: the model assumed using the tax assets at the time of sale of the preferred shares (and realization of losses), exclusively; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Other provisions: in view of the unpredictability of the occurrence of losses for which we have recorded provisions, we assumed an even 10% utilization per year; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Tax loss: utilization is limited under Brazilian law to 30% of the taxable income in a given year. Under Brazilian law income tax losses do not expire and may be used to offset future taxable income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">In addition, we performed a sensitivity analysis of tax credits utilization considering changes in macroeconomic assumptions, operational performance and liquidity events. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">On the other hand, as a negative factor, CSN has experienced income tax losses in most of the last five years resulting from the deterioration of the Brazilian political and macroeconomic environment, as well as due to the growth of financial leverage, which has unbalanced the relationship between operating and financial results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In summary, the main positive and negative evidence we considered in making our projections were:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Positive aspects: Operating profit, non-expiration on tax losses benefit and extinguishment of the financial expenses arising from the elimination of the pre-existing relationship between Namisa and CSN, and dividends to be received from CSN Minera&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" color=black face="times new roman">ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" color=black face="times new roman">Negative aspects: history of tax losses, substantial cash generation used for the payment of debts and increases in iron ore costs since the business combination, when we started purchasing iron ore at market price from CSN Minera&#231;&#227;o and, pursuant to the Brazilian legislation, the utilization of the tax loss is limited to 30% of the taxable profit in a year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The existence of tax losses generated in the most recent years is objectively verifiable material negative evidence, and, consequently, more weight is given to this evidence than to others which may have subjectivity features, according to the interpretation of IAS 12 standard.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">The projections for future taxable profits for 2015 that supported the recording of deferred tax credits attributed an important weight to the sale of certain non-core assets whose technical reflection during 2016 indicated that the corresponding sales would not be subject to inclusion in these projections since they would be out of our management&#8217;s control. This understanding reduced the future taxable base for the period estimated in these projections. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Therefore, we do not believe there is sufficiently strong evidence to support the recording of tax credits, limiting their recognition to 30% of deferred tax liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">82</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Provision for risks, contingencies and disputed taxes</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We record provisions for risks&nbsp;relating to legal proceedings with respect to which we deem the likelihood of an unfavorable outcome to be probable and the loss can be reasonably estimated. This determination is made based on the opinion of our internal and external legal counsel. We believe these contingencies are properly recognized in our financial statements in accordance with IAS 37 &#8220;Provision, Contingent Liabilities and Contingent Assets.&#8221; We are also involved in judicial and administrative proceedings that are aimed at obtaining or defending our legal rights with respect to taxes that we believe to be unconstitutional or otherwise not required to be paid by us. We believe that these proceedings will ultimately result in the realization of contingent tax credits or benefits that can be used to settle direct and indirect tax obligations owed to the Brazilian Federal or State Governments or to settle municipal tax obligations owed to the corresponding Municipality as per our laws. We do not recognize these contingent tax credits or benefits in our financial statements until realization of such gain contingencies has been resolved. This occurs when a final irrevocable decision is rendered by the courts in Brazil. The accrual for the legal obligation related to the current direct or indirect tax obligations offset is not reversed until such time as the utilization of the contingent tax credits or benefits is ultimately realized. The accounting for the contingent tax credits is in accordance with accounting for contingent assets under IAS 37. Our accruals include interest on the tax obligations that we may offset with contingent tax credits or benefits at the interest rate defined in the relevant tax law. The recorded accruals for these disputed taxes and other contingencies may change in the future due to new developments in each matter, such as changes in legislation, irrevocable, final judicial decisions specific to us, or changes in approach, such as a change in settlement strategy in dealing with these matters. For further information on the judicial and administrative proceedings in which we are involved, see &#8220;Item 8A. Consolidated Statements and Other Financial Information&#8212;Legal Proceedings.&#8221;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Allowance for doubtful accounts</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We consider an allowance for doubtful accounts in our trade accounts receivable in order to reflect our expectation as to the net realizable value thereof. This provision is estimated based on an analysis of our receivables and is periodically reviewed to maintain real expectation of collectability of our accounts receivable.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Mineral Reserves and Useful life of mine</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;The estimates of probable and proven reserves are periodically evaluated and updated. These reserves are determined using generally accepted geological valuation techniques. The method of calculation requires the use of different assumptions by internal specialists and changes in some of these assumptions may have significant impact on probable and proven iron ore reserves recorded and on the useful life of mines. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The tangible assets that are mine-specific, are depreciated over the shorter of the normal useful lives of such assets or the useful life of the mine.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exploration expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Research and analysis of historical data related to area exploration;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Topographic, geological, geochemical and geophysical studies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Determine the mineral asset&#8217;s volume and quality/grade;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Examine and test the extraction processes and methods;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Topographic surveys of transportation and infrastructure needs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Market and financial studies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The development costs of new mineral deposits or capacity expansion in mine operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The development stage includes:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Drillings to define the ore body;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Access and draining plans;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stripping costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stripping costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is made to access deeper deposits than of the ore body. In these cases, costs are capitalized and taken to noncurrent assets when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Property, Plant and Equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In accordance with our accounting policy, the cost of maintenance in operating assets is capitalized when it does not occur annually and results in an increase in the useful life of the asset. Depreciation is recognized on an accrual basis until the next maintenance event of the relevant asset. Expenditures for maintenance and repairs in operating assets, that are necessary to maintain assets under normal conditions of use, are charged to operating costs and expenses, as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2016, 2015 and 2014, we capitalized borrowing costs amounting to R$215.8 million, R$166.4 million and R$165.8 million, respectively. These costs are basically estimated for the cement, mining and long steel projects, mainly relating to: our new integrated cement plant, (ii) the Casa de Pedra expansion (iii) and Tecar.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="Times New Roman">Recently Issued Accounting Pronouncements Adopted and Not Adopted by Us</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The standards, amendments to standards and IFRS interpretations issued by the IASB that are not yet effective and were not early adopted by the Group for the year ended December 31, 2016, are described in Note 2 to our consolidated financial statements contained in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">84</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Results of Operations</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table presents certain financial information with respect to our operating results for each of the years ended December&nbsp;31, 2016, 2015 and 2014:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Year Ended December 31,</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Income Statement Data:</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2016&#185;</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2015&#178;</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(in millions of US$, except per share data)</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" colSpan=5 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(in millions of R$, except per share data)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net operating revenues</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>5,262</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>17,149</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>15,262</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>16,126</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Cost of products sold</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(3,878)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(12,640)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(11,740)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(11,592)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Gross Profit</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>1,384</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>4,509</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>3,522</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>4,534</FONT></B></P></TD></TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Operating expenses</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Selling</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(521)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,697)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,430)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,042)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>General and Administrative</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(159)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(518)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(470)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(438)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Equity in results of affiliated companies</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>20</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>65</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>1,160</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>331</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Other Expenses</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(330)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,077)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,341)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(657)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Other&nbsp; Income&nbsp;</FONT><SUP><FONT style="FONT-SIZE: 10pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&#179;</FONT></SUP></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>203</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>663</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>3,610</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>90</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp;</FONT><SUP><FONT style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&#179;</FONT></SUP></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(787)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(2,564)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>1,529</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,716)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Operating income</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>596</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>1,945</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>5,051</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2,818</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Non-operating income (expenses), net</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Financial Income</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>197</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>644</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>488</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>172</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Financial expenses</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(971)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(3,166)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(3,853)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(3,253)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Income Before Taxes</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(178)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(577)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>1,686</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(263)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Income Tax</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Current</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(63)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(206)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(136)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(528)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Deferred</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(18)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(60)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(2,768)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>679</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net income&nbsp;from continuing operations</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(259)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(843)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,218)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(112)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net income&nbsp;from discontinued operations</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(3)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(10)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>2</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>-</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net Income/Loss for the period</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(262)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(853)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,215)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(112)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net loss&nbsp;attributable to noncontrolling interest</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>25</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>82</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(2)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(7)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Net income&nbsp;attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(287)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(935)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(1,213)</FONT></B></P></TD>

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

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(105)</FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BORDER-TOP: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>&nbsp;</TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Basic earnings per common share</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.<FONT style="FONT-SIZE: 11pt" face=Calibri>19287</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.<FONT style="FONT-SIZE: 11pt" face=Calibri>62857</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.89<FONT style="FONT-SIZE: 11pt" face=Calibri>597</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: white; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.07<FONT style="FONT-SIZE: 11pt" face=Calibri>941</FONT>)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>Diluted earnings per common share</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.<FONT style="FONT-SIZE: 11pt" face=Calibri>19287</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.<FONT style="FONT-SIZE: 11pt" face=Calibri>62857</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.89<FONT style="FONT-SIZE: 11pt" face=Calibri>597</FONT>)</FONT></P></TD>

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

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt; BACKGROUND: #ccecff; LINE-HEIGHT: normal" color=#212121 face=Calibri,sans-serif>(0.07941)</FONT></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">85</FONT></P>

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



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

&nbsp; <A name="page_86"></A>

<a name="_bclPageBorder86"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Translated for the convenience of the reader only at the commercial selling rate at closing for the purchase of U.S. dollars, as reported by the Brazilian Central Bank, as of December 31, 2016, of R$3.259 to $US1.00.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Metalic results were excluded from net operating revenues, cost of sales and/or services, gross profit, operating expenses, other operating expenses, other operating income, financial results and income taxes and were included in &#8220;Net (Loss) from discontinued operations&#8221; due to the sale of Metalic in November 2016 to Can-Pack Brasil Ind&#250;stria de Embalagen Ltda. For further information, see &#8220;Item 4B. Business Overview&#8212;Downstream Facilities&#8212;Metalic.&#8221; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 19.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">The 2015 financial information was impacted by the business combination of CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios) as described in &#8220;Item 5A. Operating Results.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">86</FONT></P></DIV>

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



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

&nbsp; <A name="page_87"></A>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year 2016 Compared to Year 2015 (Restated)</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><A name="_Toc448822190"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We maintain integrated operations in five business segments: steel, mining, logistics, cement and energy. We manage and control the performance of our various business segments, considering the proportional interest in our jointly controlled entities, MRS Log&#237;stica S.A., and CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura, reflected in the figures described below, which may differ from those accounted according to IFRS. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><A name="_Toc448822192"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since December 1, 2015, we have been consolidating Namisa, which was recorded under the equity method until November 30, 2015. On December 31, 2015, Namisa merged into CSN Minera&#231;&#227;o (formerly named Congonhas Min&#233;rios S.A.). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><A name="_Toc448822193"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our consolidated results for the years ended December 31, 2016 and 2015, by business segment are presented below:</FONT></P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$ millions</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="22%" colSpan=2>&nbsp;</TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=3 width="22%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Year Ended</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">December</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">31,2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Results</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Port Logistics</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Railway Logistics</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cement</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Eliminations</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Net operating revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11,516</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,582</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">208</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,320</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">491</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">269</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,236)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17,149</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Domestic Market</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,980</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">542</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">208</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,320</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">491</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">269</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,080)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7,730</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Export Market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,536</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,040</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9,419</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cost of goods sold</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(9,393)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(3,099)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(142)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(914)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(467)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(196)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,572</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(12,640)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,123</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,483</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">66</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">406</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">23</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">73</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">336</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,509</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">General and administrative expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(915)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(185)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(25)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(83)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(75)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(25)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(907)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,215)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation (note 11 a)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">679</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">461</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">73</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(193)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,279</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Proportionate EBITDA of joint ventures</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">502</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">502</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjusted EBITDA*</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,887</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,759</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">54</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">550</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">22</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">65</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(262)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,075</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$ millions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Year Ended December 31, 2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(Restated)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Results</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Port Logistics</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Railway Logistics</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cement</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Eliminations</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Net operating revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11,203</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,187</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">213</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,157</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">432</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">245</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,175)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15,262</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Domestic Market</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,757</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">175</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">213</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,157</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">432</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">245</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,296)</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7,683</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Export Market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7,579</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cost of goods sold</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(9,127)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,324)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(142)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(788)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(330)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(196)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,166</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(11,740)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,076</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">864</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">71</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">369</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">102</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">49</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(8)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,522</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">General and administrative expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(955)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(70)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(20)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(90)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(73)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(23)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(669)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,901)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation (note 11 a)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">670</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">377</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">189</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">47</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(183)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,131</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Proportionate EBITDA of joint ventures</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">499</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">499</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjusted EBITDA*</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,791</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,171</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">469</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">75</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">43</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(361)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,251</FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">*</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face="times new roman">*Adjusted EBITDA is a measurement based on which we assess the performance of our operations and our capacity to generate recurring operating cash, consisting of net income (loss) for the year less net financial income (expenses), income tax and social contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and other operating income (expenses), plus the proportionate EBITDA of joint ventures. Although Adjusted EBITDA is an indicator used for performance measurement purposes, it is not a measurement recognized under IFRS. Therefore, it has no standard definition and may not be comparable with measurements using similar names provided by other entities. The reconciliation of the EBTIDA and Adjusted EBITDA are disclosed in Note 27 to our consolidated financial statements included in &#8220;Item 18. Financial Statement&#8221;.</FONT></P>

<P>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Operating Revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net operating revenues increased R$1,887&nbsp;million, or 12%, from R$15,262&nbsp;million recorded in 2015 to R$17,149&nbsp;million in 2016, due principally to the higher volumes and prices practiced in the mining segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net domestic revenues remained stable, at R$7,683 million in 2015 and R$7,730&nbsp;million in 2016, while net revenues of exports and sales abroad increased 24%, from R$7,579&nbsp;million in 2015 to R$9,419&nbsp;million in 2016, given the slowdown in the domestic economy and our strategy to redirect our sales to the foreign market. </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">87</FONT></P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_88></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net operating revenues increased
R$313&nbsp;million, or 3%, from R$11,203&nbsp;million in 2015 to
R$11,516&nbsp;million in 2016, due to higher prices. Sales volume decreased 3%
from 4,990 thousand tons in 2015 to 4,857 thousand tons in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net domestic revenues increased R$223&nbsp;million,
or 3%, from R$6,757&nbsp;million in 2015 to R$6,980&nbsp;million in 2016, due to
higher prices. Sales volume decreased 6%, from 2,969 thousand tons in 2015 to
2,783 thousand tons in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net revenues from exports and sales abroad
increased R$90 million, or 2%, from R$4,446&nbsp;million in 2015 to
R$4,536&nbsp;million in 2016, due to an increase of 3% in the sales volume to
the foreign market, based on the strategy to redirect sales as discussed above,
from 2,022 thousand in 2015 to 2,073 thousand tons in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2016, even operating with idle capacity, steel
sales only decreased 3% compared to 2015 because we were able to reduce our
inventories. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total mining net operating revenues increased R$1,395
million, or 44%, from R$3,187 million in 2015 to R$4,582 million in 2016, mainly
due to an increase of our sales from 25.7 million tons in 2015 to 32.8 million
tons in 2016, or 28%. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Iron ore
prices increased 5.3% in 2016 compared to 2015, reaching an average of US
$58.45/dmt (Platts, Fe 62%).</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining net export revenues increased
R$1,028&nbsp;million, or 34%, from R$3,012&nbsp;million in 2015 to
R$4,040&nbsp;million in 2016, mainly due to higher volumes.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining net domestic revenues increased
R$367&nbsp;million, from R$175&nbsp;million in 2015 to R$542&nbsp;million in
2016, due to the sale of iron ore volumes directed to UPV mill in the domestic
market since December 2015. Previously, before the restructuring of our iron ore
business in CSN Minera&#231;&#227;o, the volume used to be transferred from Casa de Pedra
mine to UPV. </FONT></P>
<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics net operating revenues increased R$158 million,
or 12%, from R$1,370&nbsp;million in 2015 to R$1,528&nbsp;million in 2016 due to
a 16% increase in tons per kilometer transported by FTL. In 2016, net revenue
from railway logistics totaled R$1,320&nbsp;million and net revenue from port
logistics amounted to R$208&nbsp;million, while in 2015, net revenue from
railway logistics totaled R$1,157&nbsp;million and net revenue from port
logistics amounted to R$213&nbsp;million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement net revenue increased R$59 million, or 14%, from
R$432 million in 2015 to R$491 million in 2016, mainly due to an increase of 29%
in cement sales volume from 2,182 thousand tons in 2015 to 2,814 thousand tons
in 2016 due to the ramp up of the new plant in Arcos. This effect was partially
offset by lower prices from R$198 per ton in 2015 to R$174 per ton in
2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our net operating revenues from the energy segment
increased R$24 million, or 10% of total net revenue from the energy segment,
from R$245&nbsp;million in 2015 to R$269&nbsp;million in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of
Products Sold</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consolidated cost of products sold increased R$900
million, or 8% from R$11,740&nbsp;million in 2015 to R$12,640&nbsp;million in
2016, mainly due to the higher production volumes in our mining segment.
</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">88</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_89></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consolidated steel costs of products sold were R$9,393
million in 2016, representing a 3% increase as compared to the
R$9,127&nbsp;million in 2015, mainly due to increased cost of iron ore purchased
from CSN Minera&#231;&#227;o. </FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15.6pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel Production Cost</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Variation 2016 Vs. 2015</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Raw Materials</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,841</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">874.3</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,242</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">725.8</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(400)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">148.5</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Iron Ore </FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">515</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">158.6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">377</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">84.3</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">139</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">74.3</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Coal</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">635</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">195.3</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">670</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">150.0</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(36)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">45.3</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Coke</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">446</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">137.1</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">874</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">195.7</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(428)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(58.6)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; Coils</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">49</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15.0</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">49</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15.0</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Metals</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">511</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">157.2</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">443</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">99.1</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">68</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">58.1</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Outsourced Slabs </FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">285</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">87.6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">278</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">62.3</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">25.3</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Pellets</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">161</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">49.6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">296</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">66.3</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(135)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(16.6)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Scrap</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">18</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">5.5</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">48</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10.7</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(30)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(5.1)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;
      Other<SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">222</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">68.3</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">256</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">57.4</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(35)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10.9</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Labor</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">759</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">233.5</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">777</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">173.9</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(18)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">59.6</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Other Production Costs</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,044</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">629.2</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,471</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">553.3</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(426)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">75.9</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy / Fuel</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">617</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">189.9</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">718</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">160.9</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(101)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">29.0</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Services and Maintenance</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">559</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">172.1</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">866</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">194.0</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(307)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(21.9)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Tools and Supplies</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">249</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">76.7</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">264</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">59.1</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(15)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17.6</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">399</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">122.6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">408</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">91.4</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(10)</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">31.2</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Other</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">220</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">67.8</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">214</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">47.9</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6</FONT></P></TD>
    <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">19.9</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.85pt">
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Total </FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">5,644</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,736.9</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,489</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,453.0</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(845)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.85pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">284.0</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.6pt">
    <TD style="HEIGHT: 15.6pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=7 noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 40.15pt"><SUP><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1) </FONT></B></SUP><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Includes limestone and
  dolomite</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our mining costs of products sold increased R$775
million, or 33%, from R$2,324&nbsp;million in 2015 to R$3,099&nbsp;million in
2016, mainly due to the increase in volume sold. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of services attributable to our logistics segment
increased R$126 million, or 14%, from R$930&nbsp;million in 2015 to
R$1,056&nbsp;million in 2016, due to increase in railway logistics costs, mainly
due to the 16% increase in tons per kilometer transported by FTL. For port
logistics services, costs remained stable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of products sold attributable to our cement segment
increased R$137 million, or 42%, from R$330&nbsp;million reported in 2015 to
R$467&nbsp;million in 2016, mainly due to higher volumes produced with the new
mills at our Arcos plant. Since the clinker line was concluded only at the end
of 2016, part of the clinker used in our production process was purchased from
third parties, increasing production costs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of products sold attributable to our energy segment
remained stable in R$196&nbsp;million in 2016.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">89</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_90"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross Profit</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit increased R$987 million, or 28%, from R$3,522 million in 2015 to R$4,509 million in 2016, due to the increase of R$1,887 million in net revenues and the increase of R$900 million in cost of products sold, as discussed above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the steel segment increased R$47&nbsp;million, or 2%, from R$2,076 million in 2015 to R$2,123 million in 2016 due to the reasons mentioned above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our gross profit in the mining segment increased R$619&nbsp;million, or 72% from R$864&nbsp;million in 2015 to R$1,483&nbsp;million in 2016 due to the reasons mentioned above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the logistics segment increased R$32 million, or 7%, from R$440&nbsp;million in 2015 to R$472&nbsp;million in 2016 due to the reasons mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the cement segment decreased R$79&nbsp;million, or 77% from R$102&nbsp;million in 2015 to R$23&nbsp;million in 2016 due to the reasons mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in energy segment increased R$24 million, or 49%, from R$49&nbsp;million in 2015 to R$73 million in 2016 due to the reasons mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling, general and administrative</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling, general and administrative expenses increased R$314 million, or 17%, from R$1,901 million in 2015 to R$2,215 million in 2016. Selling expenses increased R$267 million, or 18%, from R$1,430 million in 2015 to R$1,697 million in 2016, mainly due to an increase of iron ore CIF sales (sales including insurance and freight costs), while general and administrative expenses increased R$48 million, or 10%, from R$470 million in 2015 to R$518 million in 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating income (expenses)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We had a decrease of R$2,682 million in &#8220;Other Operating Income and Expenses&#8221; to a net operating expense of R$413 million in 2016 as compared to a net operating income of R$2,269 million mainly due to the gain of R$3,297 million in 2015, composed of a positive impact of R$3,790 million of remeasurement at fair value of our previous 60% stake in Namisa partially offset by the loss in the settlement of the preexisting relationship of R$493 million as a result of the business combination, as explained in &#8220;Item 5A. Operating Results</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Specific Events Affecting our Results of Operations</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN Minera&#231;&#227;o.&#8221;&nbsp; Also, in 2016 we recorded an impairment loss of R$388 million in the goodwill recognized in our investment in Transnordestina. This impact was partially offset by a gain of R$252 million recognized in 2016 due to Metalic&#8217;s asset sale transaction, as explained in &#8220;Item 4B. Business Overview &#8211; Downstream Facilities &#8211; Metalic.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2015, we recognized an impairment in available-for-sale financial assets of R$555 million. This effect did not occur in 2016. For more information, see Note 25 to our consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equity in Results of Affiliated Companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equity result decreased R$1,095 million, or 94%, from income of R$1,160 million in 2015 to R$65 million in 2016. In 2015, there was an increase on the result of the jointly-controlled investee Namisa due to the exchange rate variation over Namisa&#8217;s cash position proportional to our interest in this subsidiary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The investment in Namisa was accounted for under the equity method until November 30, 2015. In December CSN exchanged a stake in CSN Minera&#231;&#227;o (formerly named Congonhas Min&#233;rios S.A.) for a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">40% stake in the Consortium in Namisa, and CSN became the majority shareholder of Namisa; accordingly, Namisa was consolidated as from December 1, 2015.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Operating Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating income decreased R$3,105&nbsp;million, or 61%,
from R$5,050&nbsp;million in 2015 to R$1,945 million in 2016 due to the reasons
stated above.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial expenses (income), net</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our financial income and expenses generated net financial
expenses of R$2,522 million in 2016 as compared to net financial expenses of
R$3,365 million in 2015. This decrease was mainly due to the appreciation of the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> which
generated a foreign exchange gain of R$921 million in 2016 in comparison to a
foreign exchange loss of R$1,619 million in 2015, partially offset by a loss of
R$812 million in our derivatives transactions compared to a gain of R$846
million in 2015.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Hedge Accounting</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN regularly exports a large portion of its iron ore
production, as well as steel products. The revenue in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> from these
exports is impacted by the fluctuation of the exchange rate. On the other hand,
CSN raises funds in foreign currency through borrowings and financings, in
addition to imports of metallurgical coal and coke which are used in its
steelmaking process, among other production inputs. These dollar liabilities act
as a natural hedge for oscillations in export revenue.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to better reflect the effect of exchange
fluctuations on its financial statements, as of&nbsp;&nbsp; December 31, 2014,
CSN began to designate part of its U.S. dollar-denominated liabilities as a
hedge for future exports. As a result, the exchange variation arising from these
liabilities have temporarily been recorded directly in net equity as &#8220;other
comprehensive income,&#8221; and amounted to R$437 million as of December 31, 2016.
This amount is transferred to the income statement when the exports take place,
thus allowing impacts from the exchange fluctuation on liabilities and exports
to be recorded simultaneously. The adoption of hedge accounting does not involve
the contracting of any type of financial instrument. For more information, see
&#8220;Note 14.b Transactions with Derivative Financial Instruments and Hedge
Accounting&#8221; in our consolidated financial statements.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Taxes </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income tax expense in Brazil refers to federal income tax
and social contribution. The statutory rates for these taxes applicable to the
periods presented herein were 25% for federal income tax and 9% for social
contribution. Adjustments are made to income in order to reach the effective tax
expense or benefit for each fiscal year. As a result, our effective tax rate
between fiscal years shows volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At statutory rates, the balances resulted in a benefit of
R$196&nbsp;million in 2016 compared to total expenses of R$573 million in 2015
(34% of income before taxes and adjustments to the income). After adjustments to
meet the effective rates, we recorded expenses for income tax and social
contribution of R$266 million in 2016, as compared to an expense of R$2,903
million in 2015. Expressed as a percentage of pre-tax income, income tax moved
from 172% in 2015 to minus 46% in 2016. For the year ended December&nbsp;31,
2016, the adjustments to meet the effective rates totaled expenses of R$462
million, comprised mainly of: </FONT></P>
<P style="MARGIN: 12pt 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">a positive R$22 million adjustment related to equity
result;</FONT></P>
<P style="MARGIN: 12pt 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">expenses of R$288 million related to results of
subsidiaries taxed at different rates or not taxed;</FONT></P>
<P style="MARGIN: 12pt 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">a negative R$822 million adjustment related to tax loss
and negative basis for which the tax credit was not recorded; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 9pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">a positive impact of R$644 million related to tax credits
not recorded in the year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">For
further information, see Note 16 to our consolidated financial
statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">It is not possible to predict the future adjustments to
the federal income tax and social contribution at statutory rates, as they
depend on interest on stockholders&#8217; equity, tax incentives, non-taxable factors
including income from offshore operations, and tax losses from offshore
operations, especially when expressed as a percentage of income.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Income (Loss) for the year</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, we recorded a net loss of R$853 million, as compared to a net loss of R$1,216 million in 2015. The reasons described above explain the change of R$363 million.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year 2015 Restated Compared to Year 2014</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We maintain integrated operations in five business segments: steel, mining, logistics, cement and energy. We manage and control the performance of our various business segments, considering the proportional interest in our jointly controlled entities, MRS Log&#237;stica S.A., and CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura, reflected on figures described below, which may differ from those accounted according to IFRS. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since December 1, 2015, we have been consolidating Namisa, which was recorded under the equity method until November 30, 2015.On December 31, 2015 Namisa was merged into CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our consolidated results for the years ended December 31, 2015 and 2014 by business segment are presented below:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$ millions</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Year Ended December 31, 2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(Restated)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Results</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Port Logistics</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Railway Logistics</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Net operating revenues</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11,203</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,187</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">213</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,157</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">432</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">245</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,175)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15,262</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Domestic Market</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,757</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">175</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">213</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,157</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">432</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">245</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,296)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7,683</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Export Market</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,446</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,012</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">121</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7,579</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cost of goods sold</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(9,127)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,324)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(142)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(788)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(330)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(196)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,166</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(11,740)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross profit</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,076</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">864</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">71</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">369</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">102</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">49</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(8)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,522</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">General and administrative expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(955)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(70)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(20)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(90)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(73)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(23)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(669)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,901)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation (note 11 a)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">670</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">377</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">189</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">47</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(183)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,131</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Proportionate EBITDA of joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">499</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">499</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjusted EBITDA*</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,791</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,171</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">469</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">75</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">43</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(361)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,251</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Year Ended December 31, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated Results</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Port Logistics</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Railway Logistics</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cement</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Eliminations</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Net operating revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11,492</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,109</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">202</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,105</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">440</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">324</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,547)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">16,126</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Domestic Market</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">8,650</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">307</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">202</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,105</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">440</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">324</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,063)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9,966</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Export Market</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,841</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3,803</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(484)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,160</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Cost of goods sold</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(8,672)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,986)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(138)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(753)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(295)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(187)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,439</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(11,592)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,820</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,123</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">65</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">352</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">145</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">138</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(109)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,534</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">General and administrative expenses</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(687)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(61)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(7)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(113)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(67)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(20)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(525)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,480)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation (note 11 a)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">802</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">367</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">169</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">38</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">17</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(158)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,245</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Proportionate EBITDA of joint ventures</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">431</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">431</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjusted EBITDA*</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,935</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,429</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">68</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">407</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">116</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">135</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(361)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4,729</FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">*</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face="times new roman">*Adjusted EBITDA is a measurement based on which we assess the performance of our operations and our capacity to generate recurring operating cash, consisting of net income (loss) for the year less net financial income (expenses), income tax and social contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and other operating income (expenses), plus the proportionate EBITDA of joint ventures. Although Adjusted EBITDA is an indicator used for performance measurement purposes, it is not a measurement recognized under IFRS. Therefore, it has no standard definition and may not be comparable with measurements using similar names provided by other entities. The reconciliation of the EBTIDA and Adjusted EBITDA are disclosed in Note 27 to our consolidated financial statements included in &#8220;Item 18. Financial Statement&#8221;.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">92</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Operating Revenues </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net operating revenues decreased R$864&nbsp;million, or 5%, from R$16,126&nbsp;million recorded in 2014 to R$15,262&nbsp;million in 2015, due to the lower prices practiced in the mining segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net domestic revenues decreased 23%, from R$9,966 million in 2014 to R$7,683&nbsp;million in 2015, while net revenues of exports and sales abroad increased 23%, from R$6,160&nbsp;million in 2014 to R$7,579&nbsp;million in 2015, given the slowdown in the domestic economy and our strategy to redirect our sales to the foreign market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net operating revenues decreased R$289&nbsp;million, or 3%, from R$11,492&nbsp;million in 2014 to R$11,203&nbsp;million in 2015, due to a decrease in sales volume of 4% from 5,177 thousand tons in 2014 to 4,990 thousand tons in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net domestic revenues decreased R$1,893&nbsp;million, or 22%, from R$8,650&nbsp;million in 2014 to R$6,757&nbsp;million in 2015, due to a decrease in sales volume of 20%, from 3,717 thousand tons in 2014 to 2,969 thousand tons in 2015.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel net revenues from exports and sales abroad increased R$1,605 million, or 56%, from R$2,841&nbsp;million in 2014 to R$4,446&nbsp;million in 2015, due to an increase of 39% in the sales volume to the foreign markets, based on the strategy to redirect sales as discussed above, from 1,460 thousand tons in 2014 to 2,022 thousand tons in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Operating Revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">Total mining net operating revenues decreased R$922 million, or 22%, from R$4,109 million in 2014 to R$3,187 million in 2015, mainly due to a decrease of 43% in average international iron ore prices, from US$97/dmt in 2014 to US$55/dmt in 2015, principally due to an increased supply capacity in Australia and Brazil, in addition to the significant slowdown in the infrastructure and construction sector, major steel consumers in China.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining net export revenues decreased R$791&nbsp;million, or 21%, from R$3,803&nbsp;million in 2014 to R$3,012&nbsp;million in 2015, mainly due to the decrease of 43% in average international iron ore prices partially offset by increased export sales volumes.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mining net domestic revenues decreased R$132&nbsp;million, or 43%, from R$307&nbsp;million in 2014 to R$175&nbsp;million in 2015, mainly due to the decrease in iron ore prices and, to reduced sales volumes. </FONT></P>

<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics net operating revenues increased R$63 million, or 5%, from R$1,307&nbsp;million in 2014 to R$1,370&nbsp;million in 2015. In 2015, net revenue from railway logistics totaled R$1,157&nbsp;million and net revenue from port logistics amounted to R$213&nbsp;million, while in 2014, net revenue from railway logistics totaled R$1,105&nbsp;million and net revenue from port logistics amounted to R$202&nbsp;million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement net revenue decreased R$8 million, or 2%, from R$440 million in 2014 to R$432 million in 2015, mainly due to a decrease of 1% in cement sales volume from 2,209 thousand tons in 2014 to 2,182 thousand tons in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our net operating revenues from the energy segment decreased R$79 million, or 24% of total net revenue from the energy segment, from R$324&nbsp;million in 2014 to R$245&nbsp;million in 2015, mainly due to the reduction of surplus energy available for selling and lower energy prices. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">93</FONT></P></DIV>

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<a name="_bclPageBorder94"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of
Products Sold</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consolidated cost of products sold increased R$148
million, or 1% from R$11,592&nbsp;million in 2014 to R$11,740&nbsp;million in
2015, due to the impact from the foreign exchange variation on steel production
cost partially compensated by a reduction of R$662 million in the cost of
products sold in the mining segment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consolidated steel costs of products sold were R$9,127
million in 2015, representing a 5% increase as compared to the
R$8,672&nbsp;million in 2014, mainly due to increased cost of imported raw
materials, higher electricity consumption and maintenance.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth our flat steel production
costs, the production costs per ton of steel and the portion of production costs
attributable to the primary components of our costs of production. With the
exception of coal and coke, which we import, and some metals (such as aluminum,
zinc and tin) with domestic prices linked to international prices, our
production costs are mostly denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.5pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=2>

  <TR style="HEIGHT: 15.75pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt" vAlign=top rowSpan=2 width="26%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Steel Production Cost</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top width="24%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top width="24%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top width="26%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Variation 2015 Vs. 2014</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$million</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">R$/ ton</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Raw Materials</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,242 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      726 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,398 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">702</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(156)</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(34.6)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Iron Ore </FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">377</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">84.33</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">422</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">87.3</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(45)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13.2</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Coal</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">670</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">150</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">748</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">154.8</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(78)</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(4.3)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Coke</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">874</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">195.7</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">694</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">143.6</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">180</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(9.9)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Metals</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">443</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">99.1</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">335</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">69.4</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">108</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7.8</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Outsourced Slabs </FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">278</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">62.29</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">467</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">96.7</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(189)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(38.2)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Pellets</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">296</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">66.26</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">399</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">82.6</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(103)</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3.1</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Scrap</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">48</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10.68</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">74</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">15.3</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(26)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(7.3)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Other<SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">256</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">57.4</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">251</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">51.9</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">5</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Labor</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">777</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">173.9</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">706</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">146.1</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">71</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">18.9</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Other Production Costs</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,471 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      553 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,359 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">488.2 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">112</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(33.3)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy / Fuel</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">718</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">160.9</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">495</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">102.4</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">223</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(21.5)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Services and Maintenance</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">866</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">194.0</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">910</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">188.3</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(44)</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7.1</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap><P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Tools and Supplies</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">264</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">59.1</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">260</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">53.9</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(4.5)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">408</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">91.4</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">575</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">119.1</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(167)</FONT></P></TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(10.7)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Other</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">214</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">47.9</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">119</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">24.5</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">95</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(3.7)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="HEIGHT: 15.75pt" vAlign=top width="26%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Total </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,489 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,453 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,455 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,336 </FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">34</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt" vAlign=top width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(49)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=top width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" vAlign=top width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top width="100%" colSpan=7 noWrap>
      <P style="MARGIN: 0cm 0cm 0pt 34.55pt; TEXT-INDENT: -34.55pt"><SUP><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1) </FONT></B></SUP><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Includes limestone and
  dolomite</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are self-sufficient in almost all raw materials used
in the production of steel. The principal raw materials we use in our integrated
steel mill include iron ore, coke, coal (from which we produce most of our coke
necessities), limestone, dolomite, aluminum, tin and zinc. In addition, our
production operations consume water, gases, electricity and ancillary
materials.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We obtain our iron ore requirements except pellets from
our Casa de Pedra mine located in the state of Minas Gerais, and the limestone
and dolomite from our Bocaina mine in the city of Arcos, in the state of Minas
Gerais. All coal and a portion of the coke we consume are acquired from
different international producers &#8220;See Item 4B. Business Overview&#8212;Raw Materials
and Suppliers.&#8221;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">94</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<a name="_bclPageBorder95"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our steel production costs increased R$34&nbsp;million,
or 0,5%, from R$6,455 million in 2014 to R$6,489&nbsp;million in 2015, mainly
due to the increased cost of imported raw materials, higher electricity
consumption and maintenance.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our costs regarding purchase of outsourced slabs from
third parties decreased R$189 million, or 40%, from R$467 million in 2014 to
R$278 million in 2015, due to lower consumption of slabs purchased from third
parties. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our coke costs increased R$180 million, or 26%, from
R$694&nbsp;million in 2014 to R$874&nbsp;million in 2015, corresponding to 13%
of our steel production cost and an increase of 45% in energy consumption,
partially offset by the depreciation of the real. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our coal costs decreased R$78 million, or 10%, from R$748
million in 2014 to R$670 million in 2015, corresponding to 10% of our steel
production cost, mainly due to lower international coal prices, partially offset
by the depreciation of the real.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our scrap costs decreased R$26 million, or 35%, from R$74
million in 2014 to R$48 million in 2015, mainly due to lower
consumption.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other production costs including energy/fuel, services
and maintenance, tools and supplies and depreciation increased R$112 million or
5%, from R$2,359 million in 2014 to R$2,471 million in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our mining costs of products sold decreased R$662
million, or 22%, from R$2,986&nbsp;million in 2014 to R$2,324&nbsp;million in
2015, mainly due to the decrease in volume sold and purchased from third
parties. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of services attributable to our logistics segment
increased R$39 million, or 4%, from R$891&nbsp;million in 2014 to
R$930&nbsp;million in 2015, due to the increases of R$35 million and R$4 million
in the costs of railway logistics and port logistic services, respectively. For
railway logistics the increase was mainly due to an increase in costs from MRS.
For port logistics services, the increase was the higher volume of steel
products transported during the period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of
products sold attributable to our cement segment increased R$35 million, or 12%,
from R$295&nbsp;million reported in 2014 to R$330&nbsp;million in 2015, mainly
due to purchase of Clinker to supply the Arcos plant. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cost of products sold attributable to our energy segment
increased R$9 million, or 5%, from R$187 million in 2014 to R$196&nbsp;million
in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross
Profit</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit decreased R$1,002 million, or 22%, from
R$4,534 million in 2014 to R$3,522 million in 2015, due to the decrease of R$864
million in net revenues and to the increase of R$148 million in cost of products
sold, as discussed above.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the steel segment decreased
R$744&nbsp;million, or 26%, from R$2,820 million in 2014 to R$2,076 million in
2015. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our gross profit in the mining segment decreased
R$259&nbsp;million, or 23% from R$1,123&nbsp;million in 2014 to
R$864&nbsp;million in 2015. </FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">95</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_96"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the logistics segment decreased R$24 million, or 6%, from R$417&nbsp;million in 2014 to R$440&nbsp;million in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in the cement segment decreased R$43&nbsp;million, or 30% from R$145&nbsp;million in 2014 to R$102&nbsp;million in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit in energy segment decreased R$89 million, or 64%, from R$138&nbsp;million in 2014 to R$49 million in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling, general and administrative</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling, general and administrative expenses increased R$421 million, or 28%, from R$1,480 million in 2014 to R$1,901 million in 2015. Selling expenses increased R$388 million, or 37%, from R$1,042 million in 2014 to R$1,430 million in 2015, mainly due to an increase of iron ore CIF sales (sales including insurance and freight costs), while general and administrative expenses increased R$32 million, or 7%, from R$438 million in 2014 to R$470 million in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating income (expenses)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We had an increase of R$2,836 million in &#8220;Other Operating Income and Expenses&#8221; to a net operating income of R$2,269 million in 2015 as compared to R$567 million of other net operating expenses in 2014 mainly due to the gain of R$3,297 million, composed of a positive impact of R$3,790 million of remeasurement at fair value of our previous 60% stake in Namisa partially offset by the loss in the settlement of the preexisting relationship of R$493 million as a result of the business combination , as explained in &#8220;Item 5A. Operating Results&#8212;Specific Events Affecting our Results of Operations&#8212;CSN Minera&#231;&#227;o.&#8221; Additionally, in 2015 we recorded tax credits of PIS and COFINS in the amount of R$234 million which we can use to pay future tax obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The gains above were partially offset by the increase in impairment of available-for-sale financial assets of R$350 million and increase in provisions for tax, social security, labor, civil and environmental risks in the amount of R$285 million. For more information, see Note 25 to our consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equity in Results of Affiliated Companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equity result increased R$829 million, or 250%, from income of R$331 million in 2014 to R$1,160 million in 2015, mainly due to the increase on the result of the jointly-controlled investee Namisa from R$673 million for the year ended December 31, 2014 to R$1,157 million for the eleven-month period ended November 30, 2015, due to the exchange rate variation over Namisa&#8217;s cash, position both proportional to our interest in this subsidiary. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The investment in Namisa was accounted for under the equity method until November 30, 2015. In December CSN exchanged a stake in CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios&#8221;) for the 40% stake of the Consortium in Namisa and CSN became the majority shareholder of Namisa; accordingly, Namisa was consolidated as from December 1st, 2015.&nbsp; Details of the transaction between CSN and the Asian Consortium and related conditions precedent for closing are described on Item 4D. Property, Plant and Equipment, Acquisitions and Dispositions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating income increased R$2,232&nbsp;million, or 79%, from R$2,818&nbsp;million in 2014 to R$5,050 million in 2015 due to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The net gain of R$3,297 million arisen from the business combination of Namisa; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">an increase of R$829 million in equity result partially offset by; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a decrease of R$1,012 million in gross profit; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and an increase of R$421 million in selling, general and administrative expenses. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial expenses (income), net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our financial income and expenses generated a net financial expenses of R$3,365 million in 2015 as compared to a net financial expenses of R$3,081 million in 2014, an increase of R$284 million in our financial expenses. This increase was mainly due to the depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> which generated an increase in foreign exchange losses of R$1,227 million in 2015 in comparison to 2014, partially offset by: (i) a higher gain in our derivatives transactions of R$603 million in 2015 in comparison to 2014 and; (ii)&nbsp; R$131 million greater financial income from short-term investments as a result of the strategy of repatriation of cash previously held in our offshore subsidiaries.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Hedge Accounting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN regularly exports a large portion of its iron ore production, as well as steel products. The revenue in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> from these exports is impacted by the fluctuation of the exchange rate. On the other hand, CSN raises funds in foreign currency through borrowings and financings, in addition to imports of metallurgical coal and coke which are used in its steelmaking process, among other production inputs. These dollar liabilities act as a natural hedge for oscillations in export revenue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to better reflect the effect of exchange fluctuations on its financial statements, as of&nbsp;&nbsp; December 31, 2014 CSN began to designate part of its U.S. dollar-denominated liabilities as a hedge for future exports. As a result, the exchange variation arising from these liabilities were temporarily recorded directly in net equity as Other Comprehensive Income totaling to R$1,520 million as of December 31, 2015. The said amount is transferred to the income statement when the exports take place, thus allowing impacts from the exchange fluctuation on liabilities and exports to be recorded simultaneously. It is important to note that the adoption of hedge accounting does not involve the contracting of any type of financial instrument. For more information, see Note &#8220;14.b Transactions with Derivative Financial Instruments and Hedge Accounting&#8221; in our consolidated financial statements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Taxes </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income tax expense in Brazil refers to federal income tax and social contribution. The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Adjustments are made to the income in order to reach the effective tax expense or benefit in each fiscal year. As a result, our effective tax rate among exercises presents volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the statutory rates the balances owed totaled expenses of R$573&nbsp;million in 2015 and a benefit of R$90&nbsp;million in 2014 (34% of income before taxes and adjustments to the income). After adjustments to meet the effective rates, we recorded tax expenses of R$2,903 million in 2015, as compared to a benefit of R$151 million in 2014. Expressed as a percentage of pre-tax income, income tax moved from 57% in 2014 to 172% in 2015. For the year ended December&nbsp;31, 2015, these adjustments totaled expenses of R$2,330 million, comprised mainly of: </FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">a positive R$394 million adjustment related to equity result;</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">a benefit of R$799 million related to results of subsidiaries taxed at different rates or not taxed;</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">R$856 million positive impact related to the remeasurement at fair value of the 60% stake in Namisa as a result of the business combination of the former joint-controlled entity;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 9pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">a negative R$90 million adjustment related to tax loss and negative basis for which the tax credit was not recorded, and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 9pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">a negative impact of R$1,133 million related to tax credits of temporary differences not recorded in the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 9pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">the valuation allowance of R$2,949 million recognized to write-down the deferred tax asset at the limit of 30% of our deferred tax liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 9pt" face="times new roman">For further information, see Note 16 to our consolidated financial statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, tax incentives, non-taxable factors </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Income (Loss) for the <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Y</FONT>ear</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2015, we recorded a net loss of R$1,215 million, as compared to a net loss of R$112 million in 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5B. Liquidity and Capital Resources&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main uses of funds are capital expenditures and repayment of debt. We have historically met these requirements by using cash generated from operating activities and through the issuance of short and long-term debt instruments. We have met our cash needs for 2017 primarily through a combination of operating cash flow, cash and cash equivalents on hand, cash from asset sales and newly issued long-term debt instruments in order to repay the portion of our total debt maturing in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, we periodically review acquisition and investment opportunities and will make, if a suitable opportunity arises, selected acquisitions and investments to implement our business strategy. We generally make investments directly or through subsidiaries, jointly controlled entities or affiliated companies, and fund these investments through internally generated funds, the issuance of debt, or a combination of such methods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sources of Funds and Working Capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year 2016 Compared to Year 2015</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash Flows</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash and cash equivalents decreased by R$2,990 million in 2016, compared to a decrease of R$825&nbsp;million in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating Activities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Cash provided by operations was R$276 million and R$5,069 million in 2016 and 2015, respectively. The R$4,793 million decrease was mainly due </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#212121 face="times new roman">to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#212121 face=symbol>&#183;</FONT><FONT lang=EN-GB style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">the receipt of dividends from Namisa in the amount of R$3,239 million in 2015, which did not occur in 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#212121 face=symbol>&#183;</FONT><FONT lang=EN-GB style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">the monetary and exchange variations due to the appreciation of the real against the U.S. dollar of 17% in 2016 as compared to the devaluation of the real against the US dollar of 47% in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 14.2pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#212121 face="times new roman">These two effects above were </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">partially offset by:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-GB style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">a higher adjusted EBITDA of R$ 4,075 million in 2016 as compared to R$ 3,251 in 2015;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-GB style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#212121 face="times new roman">and a positive variation in working capital mainly due to </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">the reduction of: (i) inventories from 127 days in 2015 to 97 days in 2016. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">During 2015, due to weak internal demand for steel, our inventories significantly increased and we decided to interrupt operation of Blast Furnace No. 02. In 2016, we destocked finished products and, despite a decrease in production, we maintained the same level of sales as in 2015. </FONT></P>

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&nbsp; <A name=page_99></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investing
Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We used cash in our investing activities in the total
amount of R$2,305 million in 2016 and R$2,865 million in 2015. The decrease of
R$560&nbsp;million in cash used in investing activities was mainly due
to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">the payment of R$2,727 million (US$707 million) in 2015
related to the purchase of a stake of 4.16% of CSN Minera&#231;&#227;o (former &#8220;Congonhas
Min&#233;rios&#8221;) as part of the business combination between CSN mining assets and
Namisa. See details in &#8220;Item 5A. Operating Results, Specific Events Affecting
our Results of Operations&#8221;;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">the sale of Metalic in 2016 for which we received a net
cash of R$332 million;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">partially offset by derivatives operations payment of
R$722 million in 2016 compared to a receipt of R$903 million in 2015, resulting
in a negative impact of R$1,626 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financing
Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash used in financing activities was R$883 million in
2016 compared to R$3,091&nbsp;million in 2015. This R$2,208&nbsp;million
decrease was mainly due to a decrease of R$1,496 million in net amortizations
and payments of R$550 million in dividends occurred only in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year 2015
Compared to Year 2014</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash
Flows</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash and cash equivalents decreased by R$825 million in
2015, compared to a decrease of R$1,310&nbsp;million in 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating
Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;Cash provided by operations was R$5,069
million and R$824 million in 2015 and 2014, respectively. The R$4,245 million
increase was mainly due to Namisa&#8217;s dividend receipt, amounting R$3,239 million,
part of the conclusion process of the business combination between CSN mining
assets and Namisa and other taxes variation amounting to R$634 million, since
2014 had a significant payment of REFIS.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investing
Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We used cash in our investing activities in the total
amount of R$2,865 million in 2015 and R$1,658 million in 2014. The increase of
R$1,207&nbsp;million in cash used in investing activities was mainly due
to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the payment of R$2,727 million (US$707 million) related
to the purchase of a stake of 4.16% of CSN Minera&#231;&#227;o (former &#8220;Congonhas
Min&#233;rios&#8221;) as part of the business combination between CSN mining assets and
Namisa;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">cash margin to cover our derivatives position in the
amount of R$725 million;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the two main cash outflows mentioned above were partially
offset by derivatives operations receipt of R$827 million, cash of merged
entities in the amount of R$923 million and loans from related party received in
the amount of R$316 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financing
Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash used in financing activities was R$3,091 million in
2015 compared to R$531&nbsp;million in 2014. This R$2,560&nbsp;million increase
was mainly due to a decrease of R$965 million in borrowings, an increase of
R$2,285 million in amortizations, partially offset by R$900 million of the
purchase of treasury shares occurred in 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trade
Accounts Receivable Turnover Ratio </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our receivable turnover ratio (the ratio between trade
accounts receivable and net operating revenues), expressed in days of sales
increased 5 to 35 days on December 31, 2016, from 30 days on December 31,
2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Turnover of
Inventory</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our inventory turnover (obtained by dividing inventories
by annualized cost of products sold), expressed in days of cost of products
sold</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">decreased 30
days to 97 days in 2016 from 127 days in 2015.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B> <a name="page_100"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2015, due to weak internal demand for steel, our
inventories significantly increased and we decided to interrupt operation of
Blast Furnace No. 02. </FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trade
Accounts Payable Turnover Ratio </FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The accounts payable turnover ratio (obtained by dividing
trade accounts payable by annualized cost of products sold), expressed in days
of cost of products sold,&nbsp;decreased 1 day from 52 days on December 31, 2015
to 51 days on December 31, 2016. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Liquidity Management </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Given the capital intensive, cyclical nature of our
industry and the generally volatile economic environment in certain emerging
markets, we have retained an amount of cash on hand to run our operations and to
satisfy our short-term financial obligations.&nbsp;As of December 31, 2016, cash
and cash equivalent totaled R$4,871 million, compared to R$7,861 million as of
December 31, 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2016, short-term and long-term
indebtedness accounted for 7% and 93%, respectively, of our total debt, and the
average life of our existing debt was equivalent to approximately seven years,
considering a 40-year term for the perpetual bonds issued in
September&nbsp;2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital
Expenditures and Investments </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN invested R$1,638 million in 2016, in:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the conclusion of the Arcos&#8217; clinker kiln project in
Minas Gerais, anticipating higher operating margins in the Southeast
System.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the extension of the economic life of coke batteries in
Presidente Vargas Plant.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Of our total investments, R$330 million went to spare
parts and R$729 million to current investments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN invested R$2,170 million in 2015, taking advantage of
opportunities to accelerate projects that enhance competitiveness:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the acquisition of new mining equipment, anticipating
some of the investments scheduled for 2016 due to current favorable financing
conditions. These items of equipment were already helping to reduce mining costs
in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the accelerated development of the Arcos&#180; clinker kiln
project in Minas Gerais, anticipating higher operating margins in the Southeast
System.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">revamp of the Turbo Generator (TG20) in Presidente Vargas
Plant, recovering the nominal energy capacity of 117MW in the TG20.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Of our total investments, R$376 million went to spare
parts and R$561 million to current investments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, we continued to implement our strategy of
expansion in cement business and prioritized </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">he
implementation of sustaining investments in order to maintain the operational
capability and to comply with environmental and safety</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">
requirements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We expect to meet our liquidity requirements from cash
generated from operations, and, if needed, the issuance of debt securities. For
details on our Planned Investments see &#8220;Item 4D. Property, Plant and
Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Debt and
Derivative Instruments</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At December 31, 2016 and 2015, total debt (composed of
current and non-current portions of borrowings and financings) was R$30,441
million and R$34,283 million (excluding transactions costs), respectively, equal
to 312% and 383% of the Shareholders&#8217; equity at December 31, 2016 and 2015,
respectively. At December 31, 2016, our short-term debt (composed of current
borrowings and financings, which includes current portion of long-term debt)
totaled R$2,117 million and our long-term debt (composed of non-current
borrowings and financings) totaled R$28,324 million. The foregoing </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">amounts do not include debt of others for which we are
contingently liable. See &#8220;Item 5E. Off-Balance Sheet Arrangements.&#8221;</FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At December&nbsp;31, 2016, approximately 52% of our debt
was denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and
substantially all of the remaining balance was denominated in U.S.
dollars.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, we held negotiations with our main creditors,
Banco do Brasil and Caixa Econ&#244;mica Federal, to extend our debt maturities
initially due in 2017 and 2018. Our intention is to set an amortization schedule
more consistent with our cash flow generation. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our current policy is to protect ourselves against
foreign exchange losses and interest rate losses on our debt and currently our
exposure is protected through hedge accounting. For a description of our
derivative instruments, see Note 14.b to our consolidated financial statements
contained in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The components of R$2,117&nbsp;million of our
consolidated current portion of short-term debt and current portion of long-term
debt outstanding at December&nbsp;31, 2016, were:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 20.7pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Components</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Average</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Interest Rate</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(in millions of R$)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Fixed rate notes</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">4.14% - 10%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">137</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">BNDES/Finame</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3% + TJLP&nbsp; and fixed rate of
      2.5% to 6% + 1.5%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">74</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Prepayment financing</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1% - 8% and 109.5% to 116.5% of
      CDI&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1,121</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Debentures</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; 110.8% to 113.7% of
      CDI</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">538</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">CCB</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">112.5% and 113% of CDI</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">181</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Perpetual bonds</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">7%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">4</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.2% - 8,00%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">64</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #c6d9f1; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #c6d9f1; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #c6d9f1; BORDER-BOTTOM: #4f81bd 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">2,117</FONT></B></P></TD></TR></TABLE></DIV>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The components of R$28,324 million of our consolidated
long-term debt outstanding at December&nbsp;31, 2016, were (amounts are
reflected in long-term debt):</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 20.7pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Components</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Average</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 20.7pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Interest Rate</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">(in millions of R$)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Debentures</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; 110.8% to 113.7% of
      CDI</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1,270</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Fixed rate notes</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">6.5% &#8211; 6.9%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">5,529</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">BNDES/Finame</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3% + TJLP&nbsp; and fixed rate of 2.5% to 6% +
      1.5%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1,012</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Perpetual bonds</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">7.00%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">3,259</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Prepayment financing</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1% - 8% and 109.5%
      to 116.5% of CDI&nbsp; </FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">9,852</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">CCB</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">112.5% and 113% of CDI</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">7,200</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></B></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.2% - 8,00%</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">200</FONT></P></TD></TR>
  <TR style="HEIGHT: 20.7pt">
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 20.7pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">28,324</FONT></B></P></TD></TR></TABLE></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">101</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_102></A>
<a name="_bclPageBorder102"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The information of our indebtness below refers to the
outstanding amount in December 31, 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">debentures issued in July&nbsp;2011, of
R$1,150&nbsp;million bearing interest at a rate of 110.8% of the CDI rate per
annum and maturity in 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">debentures issued in March&nbsp;2014, of
R$400&nbsp;million bearing interest at a rate of 111.2% of the CDI rate per
annum and maturity in 2021.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">debentures issued in January 2015, of R$100 million
bearing interest at a rate of 113.7% of the CDI rate per annum and maturity in
2022.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">debentures issued in July 2015, of R$100 million bearing
interest at a rate of 113.7% of the CDI rate per annum and maturity in
2022.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Eurodollar and Euronotes issued in accordance with Rule
144A and Regulation S under the Securities Act reflect senior unsecured debt
instruments issued by us and our offshore subsidiaries, including: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the US$750&nbsp;million bonds, 6.875% per annum coupon,
issued in September&nbsp;2009 with maturity in 2019. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in July 2010, we issued US$1 billion bonds, 6.50% per
annum coupon and maturity date in July 2020, in January 2012, we priced, through
our wholly-owned subsidiary CSN Resources S.A., an additional bond issuance in
the amount of US$200 million. The offering price was 106.00% and yield was 5.6%
p.a.</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September 2010, we issued US$1 billion perpetual
bonds, 7.0% per annum coupon.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We issued export credit notes, or NCEs: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September&nbsp;2009, in the amount of
R$1.0&nbsp;billion, in favor of Banco do Brasil S.A., due 2018. In September
2015, we amortized R$613.3 million resulting in an outstanding balance of
R$386.7 million. This amortization is related to the rollover of this debt
mentioned below;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September 2009, in the amount of R$300&nbsp;million,
in favor of Banco do Brasil S.A., due 2018. In September, 2015, we amortized
R$180 million resulting in an outstanding balance of R$120 million. This
amortization also is related to the rollover of of this debt mentioned
below;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in May 2010, in the amount of R$2.0 billion, in favor of
Banco do Brasil S.A., through our subsidiary CSN Minera&#231;&#227;o (former &#8220;Congonhas
Min&#233;rios S.A.&#8221;), due 2019. In September 2015, we amortized R$715 million
resulting in an outstanding balance of R$1.3 billion. This amortization also is
related to the rollover of this debt mentioned below;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in April 2011, we issued another NCE, in the amount of
R$1.5 billion; in favor of Banco do Brasil S.A., due to 2019. In September 2015,
we amortized R$500 million. This amortization also is related to the rollover of
this debt mentioned below;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in March 2013, in the amount of R$200 million, in favor
of Banco do Brasil S.A., due 2016. In February 2016, the total amount was
extented to 2017;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in February 2013, in the amount of R$100 million, in
favor of Bradesco, initially due 2016. In 2016, the total amount was extended to
2019</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">102</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_103></A>
<a name="_bclPageBorder103"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September 2015, R$1.5 billion in favor of Banco do
Brasil due 2022. This amortization also is related to the rollover of this debt
mentioned below;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September 2015, R$715 million, through our subsidiary
CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios S.A.&#8221;), in favor of Banco do Brasil
due 2022. This amortization also is related to the rollover of this debt
mentioned below;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Export Pre-Payment issued by CSN:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in October 2010, in the amount of US$33,3 million, in
favor of Banco Santander S.A., due 2017. In 2016, the total amount was extended
to 2019;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in April 2012, in the amount of US$15 million, in favor
of Banco Safra S.A., due 2017;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in April 2013, in the amount of US$378 million in favor
of Banco do Brasil S.A., due 2021;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in November 2013, in the amount of US$200 million, in
favor of Banco Bradesco S.A., due 2018;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in November 2013, in the amount of US$345 million, in
favor of Banco Bradesco S.A., due 2022;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in February 2014, in the amount of US$100 million, in
favor of ING Bank, due 2019;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in April 2014, in the amount of US$200 million, in favor
of Banco Santander S.A., due 2019;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in September 2014, in the amount of US$100 million, in
favor of Banco Santander S.A., due 2019;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in December 2014, in the amount of US$100 million, in
favor of Bank of China, due 2020;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In April 2015, in the amount of US$71 million, in favor
of Caterpillar Financial Services Corporation., due 2020;</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In July 2015, in the amount of US$77 million, in favor of
Caterpillar Financial Services Corporation, due 2020.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We contracted credit facilities from Caixa Econ&#244;mica
Federal (CEF), under its special credit for large companies, in the form of a
bank credit bill, or CCB: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">on August 2009, in the amount of R$2.0&nbsp;billion and
to be amortized in 172&nbsp;months. In August 2015, we amortized R$1.285 billion
resulting in an outstanding balance of R$715 mm. This amortization is related to
the rollover of R$2.57 billion mentioned below. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">on February 2010, in the amount of R$1.0&nbsp;billion and
to be amortized in 166&nbsp;months. In August 2015, we amortized R$285 million
resulting in an outstanding balance of R$ 715 million. This amortization also is
related to the rollover of R$2.57 billion mentioned below. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">In 2011, we
contracted two additional CCBs:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in February 2011, in the amount of R$2.0 billion and to
be amortized in 94 months. In August 2015, we amortized R$1.0 billion resulting
in an outstanding balance of R$1.0 billion. This amortization also is related to
the rollover of R$2.57 billion mentioned below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in August 2011, in the amount of R$2.2 billion and to be
amortized in 108 months. </FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">103</FONT></P></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_104></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; In September 2015, we concluded the extension of
part of our debt with the Caixa Econ&#244;mica Federal in the amount of R$2.57
billion, and with Banco do Brasil, amounting to R$2.21 billion, shifting
maturities scheduled for 2016 and 2017 to the period between 2018 and 2022 in
installments equally distributed.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In January 2012, we secured financing contracted through
our subsidiary CSN Steel S.L., in the amount of &#8364;120 million, to partially fund
the acquisition of all shares held by the Alfonso Gallardo Group, S.L.U. (&#8220;Grupo
Gallardo&#8221;) in the following companies: SWT and Gallardo Sections S.L.U.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, we contracted a credit line with FINEP to fund
our innovation projects in steel segment. The amount available from FINEP is
R$23 million due in 2026. The total amount approved by FINEP is R$174 million
and the remaining installments are expected to be available accordingly to
investments disbursement schedule.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Maturity
Profile</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the maturity profile of
our long-term debt at December&nbsp;31, 2016, gross of transaction costs and
premiums on issuance:</FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.1pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Maturity in</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Principal Amount</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of R$)</FONT></I></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2018</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5,593,215</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2019</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">7,168,873</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2020</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">7,484,315</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2021</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2,219,779</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2022</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1,839,804</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">After 2022</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">817,716</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Perpetual bonds</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3,259,100</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">28,382,802</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635061></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5C. Research
&amp; Development and Innovation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;CSN has continuously invested in Research and
Development to improve its products and processes, thus meeting market demands
and assuring customers' requirements.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2015, we established a new unit called INOVA CSN, an
organizational environment created in order to facilitate innovation projects in
products, processes, energy efficiency and environmental to the business units
of the entire Corporation, through financial funding from private and public
institutions.&nbsp;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, CSN was able to obtain funding with FINEP,
Brazil&#8217;s National Innovation Agency, in order to continue the INOVA Strategic
Plan, whose main project is the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development of Advanced High Strength Galvanized Steels
in Industrial Scale Applied to the Automotive Industry, Aiming to Decrease the
Fuel Consumption and Impacts to the Environment.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition, CSN signed a partnership agreement with the
Brazilian Agency for Industrial Research and Innovation (Embrapii) and Senai
from Bahia state to develop two innovative projects which concerns environmental
responsibility: Development of New Manufacturing Routes and Coating for Metal
Sheet by Direct Hot Stamping and the Development of an Intelligent System for
the Predictive Maintenance of Overhead Cranes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total expenses in 2016 in research, development and
innovation reached US$5.3 million compared to US$16 million in 2015 and US$6.8
million in 2014.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt">&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">104</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_105></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The current projects in development are: </FONT></P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dual Phase Advanced High Strength Galvanized Steel of
  DP600 Grade to meet new dimensional demands;<BR></FONT></LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ferritic-Bainitic Advanced High Strength Galvanized
  Steel of FB590 Grade with thicknesses over 2.0mm with Cold Rolled and Hot
  Rolled base;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">High Strength Structural Galvanized Steels (ZAR400 and
  G450 grades), with emphasis for the application in storage silos;</FONT>
</LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Pre-painted steel with new colors for export
  market;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">High Strength IF (Interstitial Free) Steel, IF 210 HSS
  grade, Galvanized (Zn-Fe Alloy GA) and Pre-Painted with thickness of 0.70 mm
  for application in fuel tanks;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dual Phase Advanced High Strength Galvanized Steel of
  DP450, DP500, DP800, DP800HF and DP600HF (High Formability) grades for the
  automotive industry;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development and Optimization of CSN Galvanized Steel
  for the application in tubes for bus body structures;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Galvanized IF (Interstitial Free) steel of high
  formability with a reduction of the maximum limit of carbon for the automotive
  industry;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development of Textured Pre-Painted Material for the
  home appliance industry;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development of high-strength structural steel with 55%
  Al-Zn coating for general construction systems; </FONT></LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development of specifications CSN LT-TAMPA and CSN
  LT-ANEL for the food industry;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Customization of Extrafino&reg; Cold Rolled steel(BFE),
  specification CSN ESQ 60, for application in the construction industry;</FONT>
  </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Homologation of Hot Rolled Products and Cold Rolled
  products to meet Ford's global requirements;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Rebar (category CA-50), with a round core geometric
  configuration, designed to guarantee performance of the cut and bent steel
  segment;</FONT> </LI></UL>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>
  <LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Development of Hot Rolled and Hot Rolled Pickled
  products, of the class High-strength low-alloy steel (HSLA) with grade 650MP
  properties, for the automotive parts and agricultural segments.</FONT>
</LI></UL>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635062></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5D.&nbsp;Trend Information&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The WSA expects apparent steel demand to grow by 0.5%
worldwide in 2017 and decrease 2.0% in China. The IABr estimates domestic sales
of 16.9 million tons in 2017, with apparent consumption of 18.5 million tons.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mining </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, the seaborne iron ore market made a slight
recovery after a strong downward trend due to the increased supply capacity in
Australia and Brazil in the previous years. In response to the slowdown in
macroeconomic indicators that stretched from 2015 to mid-February 2016, when
iron ore prices reached US $42.90/dmt, the Chinese government promoted credit
expansion and stimulated investments in steel-intensive sectors such as
infrastructure and construction. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">105</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_106></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, the closure of low-efficiency mills resulted in
an increase in the utilization capacity, which, coupled with higher steel
demand, led to improved margins and higher iron ore prices. In this context,
iron ore prices increased 5.3% in 2016 compared to 2015, reaching an average of
US $58.45/dmt (Platts, Fe 62%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chinese annual iron ore imports increased by 7.5% when
compared to 2015, reaching 1.02 billion tons, while the global seaborne iron ore
market grew by 4.5% to 1.41 billion tons. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635063></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5E.
Off-Balance Sheet Arrangements</FONT></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition to the debt that is reflected on our balance
sheet, we are contingently liable for the off-balance concession payments and
also for &#8220;take-or-pay&#8221; contractual obligations. The following table summarizes
all of the off-balance sheet obligations for which we are contingently liable
and which are not reflected under liabilities in our consolidated financial
statements:</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Contingent Liability with Respect to Consolidated and
Non-Consolidated Entities as of December&nbsp;31, 2016</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Aggregate Amount</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="6%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Maturity</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
      </FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="54%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In millions of R$)</FONT></I></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
      </FONT><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Guarantees of Debt:</FONT></B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
      </FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="19%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="6%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="29%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Transnordestina&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,597</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="6%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Until 09/19/2056 and
  indefinite&nbsp;</FONT></P></TD></TR></TABLE></DIV>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="100%" colSpan=16>
      <P style="MARGIN: 0cm 12.3pt 0pt 3.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Contingent Liability for Concession Payments
      </FONT></B><SUP><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT></B></SUP><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">
      (amounts in thousands of R$):</FONT></B></P>
      <P style="MARGIN: 0cm 12.3pt 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Concession</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Type of service</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2017</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2018</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2019</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2020</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">After 2020</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="9%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="8%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="9%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">FTL
      (Ferrovia Transnordestina Log&#237;stica)</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">30-year concession granted on December 31, 1997,
      renewable for another 30 years, to develop public service and operating
      the railway system in northeastern Brazil. The northeastern railway system
      covers 4238 kilometers of railway network and operates in Maranh&#227;o, Piau&#237;,
      Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">8,676</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">8,676</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">8,676</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">8,676</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">60,732</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">95,436</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Tecar</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Concession to operate the TECAR, a solid bulk
      terminal, one of the four terminals that make up the Port of Itaguai,
      located in Rio de Janeiro. The concession was renewable and the agreement
      expires in 2047.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">100,217</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">100,217</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">100,217</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">100,217</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2,705,859</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">3,106,727</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Tecon</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">25-year concession started in July 2001, renewable
      for another 25 years to operate the container terminal at the Port of
      Itaguai.</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">28,996</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">28,996</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">28,996</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">28,996</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">159,478</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">275,462</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.5pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">137,889</FONT></B></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">137,889</FONT></B></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">137,889</FONT></B></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">137,889</FONT></B></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">2,926,069</FONT></B></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 6.75pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.5pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">3,477,625</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="41%" colSpan=5>
      <P style="MARGIN: 0cm 0pt 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%" colSpan=3>
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="6%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="17%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="6%">
      <P style="MARGIN: 0cm 0cm 0pt 3.5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="100%" colSpan=16>
      <P style="MARGIN: 0cm 12.3pt 0pt 3.5pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
      consortia members are also jointly and severally liable for these
      payments.</FONT></P></TD></TR>
  <TR>
    <TD width="14%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">106</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_107></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Take-or-Pay&#8221; Contractual Obligations</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" colSpan=6>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Payments in the period (in<BR>millions of
      R$)</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Type of service</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2015</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2016</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2018</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2019</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2020</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>After 2020</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Transportation of iron ore, coal, coke, steel
      products, cement<BR>and mining products.</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2 noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>197,646</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>873,186</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>767,031</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>767,031</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>767,031</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>746,150</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>3,672,166</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6,719,409</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Supply of
      power, natural gas, oxygen, nitrogen, argon and<BR>iron ore
      pellets.</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>1,023,465</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>621,551</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>261,542</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>40,524</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>40,524</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>40,524</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>40,522</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>423,636</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Processing
      of slag generated during pig iron and steel<BR>production</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>104,013</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>49,487</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6,013</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6,013</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6,013</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6,013</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>13,528</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>37,580</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Manufacturing, repair, recovery and production of
      ingot<BR>casting machine units.</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>127,776</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>36,765</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>15,005</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>5,665</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>5,665</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>26,335</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>1,452,900</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>1,580,989</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>1,049,591</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>819,233</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>819,233</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>792,687</FONT></B></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>3,726,216</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" face=arial,sans-serif>7,206,960</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="12%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="8%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="9%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="7%" colSpan=2>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="2%">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Guarantees
of Debt </FONT></B></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We
guarantee 100% of the loans from BNDES and BNB have granted to TLSA and 49.15%
of the debentures held by FDNE and issued by TLSA. The total debt outstanding
amount we guaranteed as of December 31, 2016, was R$2,597 million, considering
only the portion of the debentures we guarantee.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Under the TLSA Investment Agreement we and our partners,
Valec and FDNE, agreed on a budget of R$7.5 billion to complete the construction
of the Northeastern Railway System II. A revised budget of approximately R$11.2
billion is under review and up for approval by ANTT. If the construction of
Northeastern Railway System II requires funds in addition to the budget, they
will be provided by us or third parties under Trackage Right
Agreements.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Contingent
Liability for Concession Payments</FONT></B></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">FTL</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">As of
December 31, 2016, we held 90.78% of the capital stock of FTL, which has a
concession to operate the Northeastern Railway System I until 2027, renewable
for an additional 30 years. As of December 31, 2016, FTL had R$95.4 million in
concession payments outstanding over the remaining 11 years of the
concession.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Tecar</FONT></I></B></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We hold
the concession to operate TECAR, a solid bulks terminal, one of four terminals
that form the Itagua&#237; Port, located in the State of Rio de Janeiro. In 2015, we
achieved the anticipated contract renewal for additional 25 years and,
accordingly, the expiration date was postponed from 2022 to 2047. Itagua&#237; Port,
in turn, is connected to the Presidente Vargas Steelworks and CSN Minera&#231;&#227;o by
the Southeastern railway system. Our imports of coal and coke are made through
this terminal. Under the terms of the concession, we have the obligation to ship
at least 3.0 million tons of bulk cargo annually and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">to provide port
service to ship 2.0 million tons of third parties&#8217; iron ore and pellets cargoes.
As of December 31, 2016, R$3,107 million was outstanding over the remaining 31
years of the concession.&nbsp;</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">107</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_108></A>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" color=black face="Times New Roman"></FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Sepetiba
Tecon</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">We own
99.99% of Sepetiba Tecon S.A., or TECON, which holds a concession to operate,
for a 25-year term (which can be renewed for a maximum of 70 years), the
container terminal at the Itagua&#237; Port, located in the State of Rio de Janeiro.
As of December 31, 2016, R$275 million of the cost of the concession was
outstanding and payable over the remaining 10 years of the concession. For more
information, see &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital
Expenditures&#8212;Planned Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Transportation of iron ore, coal,
coke, steel products, cement and mining products</FONT></I></B></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">MRS
Log&#237;stica S.A.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transportation of Iron Ore, Coal and Coke to Volta
Redonda</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">For 2016, the volume set for iron ore and pellets is
5,181,000 tons and volume set for coal, coke and other smelter products is
2,552,000 with a guarantee of payment at least 85% of forecast annual
revenue.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transportation of Iron Ore for Export from
Itagua&#237;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The volume set is 34,521,000 tons in 2016, with a
guarantee of payment at least 85%.&nbsp;We may increase or decrease the volume
set in the agreement every year by up to 10% and 15%, respectively, taking into
consideration the volume informed in the previous year.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transportation of Steel Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">The volume set is 1,630,000 tons in 2016 with
an acceptable variation of up to 10%, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">with a guarantee of payment at least 80% os forecast
annual revenue. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">The agreement covers the transportation of steel products
from the Presidente Vargas Steelworks to third party terminals and
customers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cement Transportation&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This agreement covers transportation of bagged cement
from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Presidente Vargas Cement Plant</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> to our
terminals. Volumes set is 573,751 tons for 2016 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">with a guarantee of payment at least 80% of forecast
annual revenue</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ferrovia Centro Atl&#226;ntica - FCA&nbsp;</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Transportation of Limestone</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This agreement covers transportation of limestone from
the city of Arcos to the city of Volta Redonda.&nbsp;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Volumes set for limestone is 1,475,000 tons in 2016 with
90% of performance volume guarantee. </FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Transportation of Clinker</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This agreement covers transportation of clinker products
from the city of Arcos to the city of Volta Redonda.&nbsp;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016 the volume set is 330,000 tons with a guarantee
of payment of at least 90%.</FONT></P>
<P style="BACKGROUND: white; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.5pt" color=black face="times new roman">The calculation of &#8220;take-or-pay&#8221; considers the total
volume performed in both contracts - clinker and limestone &#8211; regardless of the
percentage transported of each one.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">
<HR align=center SIZE=2 width="100%" noShade>

<P></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">108</FONT></P>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_109></A>
<a name="_bclPageBorder109"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Supply of power, natural gas, oxygen, nitrogen, argon and
iron ore pellets.</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">To secure gas supply (oxygen, nitrogen and argon), in
1994 we signed a 22-year &#8220;take-or-pay&#8221; agreement with White Martins by which we
are committed to acquire at least 90% of the gas volume guaranteed in
the&nbsp;contract.&nbsp; Under the terms of the agreement, we are not required
to advance funds raised against future processing charges if the supplier is
unable to meet its financial obligations. The original term ended on November
17, 2016; however, the supply is still ongoing while negotiation of a new
agreement is underway.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">To secure natural gas supply, in 2007 we signed a
five-year &#8220;take-or-pay&#8221; agreement with CEG Rio, by which we are committed to
acquire at least 70% of the gas volume provided by the supplier.&nbsp; Under the
terms of the agreement, we are not required to advance funds raised against
future processing charges if the supplier is unable to meet its financial
obligations. In addition, if we do not acquire the minimum volume agreed, the
amount paid which relates to that difference may be compensated in future years,
including one year after the contract&#8217;s expiration. &nbsp;The original term is
valid until June 30, 2017. Negotiation of a new agreement is
underway.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">To secure energy supply, in 2001 we entered into a
20-year agreement. According to the &#8220;take or pay&#8221; clause, we are committed to
acquire at least 80% of the annual energy volume contracted from the supplier,
Copel.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Processing of slag generated during pig iron and steel
production</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">CSN undertakes to acquire at least 2,400 metric tons of
blast furnace mud for processing at CSN's mud concentration plant. This
agreement is valid until March 31, 2023.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The supplier undertakes to perform the scrap recovery
services resulting from the process of production of pig iron and steel from
Presidente Vargas Steelworks, receiving by this process the equivalent in value
of the result of multiplying the unit price (US$/t) by the total Liquid Steel
CSN&#8217;s Mill production, with a guarantee of a minimum production of liquid steel
corresponding to 200,000 tons.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This agreement is valid until September 30, 2019.
</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Manufacturing, repair, recovery and production of ingot
casting machine units.</FONT></I></B></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The supplier provides&nbsp;continuous casting machines
maintenance services in steel production&nbsp;at&nbsp;Presidente Vargas
Steelworks, with a guarantee of a minimum production of 365,000 tons per month.
This agreement is valid until August 31, 2017. </FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">109</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5F. Tabular
Disclosure of Contractual Obligations&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table represents our long-term contractual
obligations as of December&nbsp;31, 2016: </FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 22.1pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 22.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 22.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 22.1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Payment due by
  period&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In
      millions of R$)</FONT></I></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 19.3pt">
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Contractual
    obligations&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Less
      than</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">More</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">
      than</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 18.6pt">
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1
      year</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1-3
      years</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3-5
      years</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 18.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5
      years</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Long-term accrued
    finance&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">charges<SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">17,824</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,917</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,943</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,493</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">7,471</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Taxes
      payable in installments&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">108</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">25</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">19</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">15</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">49</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Long-term
debt&nbsp;<SUP>(2)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">28,324</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">12,724</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">9,691</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,908</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Take-or-Pay&#8221;
    contracts&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">7,207</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,049</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,638</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,460</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,060</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Derivatives swap
      agreements<SUP>(3)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Concession
    agreements<SUP>(4)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,478</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">138</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">276</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">276</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,788</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=7>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Purchase obligations:</FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Raw materials
<SUP>(5)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;1,955</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,032&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;923</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Maintenance<SUP> (6)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">609</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">349</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">229</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">31</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Utilities/Fuel<SUP>
    (7)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,166</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">989</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,800</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">377</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.4pt">
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Total&nbsp;&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,730</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,370</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,952</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">408</FONT></P></TD>
    <TD style="HEIGHT: 13.4pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; BACKGROUND: white" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">These
      accrued finance charges refer to the cash outflow related to the
      contractual interest expense of our long-term debt and were calculated
      using the contractual interest rates taken forward to the maturity dates
      of each contract.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">These
      amounts were presented net of transaction costs and issue
      premiums.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Derivative swap agreements were calculated based on
      market prices on December 31, 2016, for futures with similar maturity to
      our derivative swap agreements.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(4)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Refers
      to TECON, TECAR and FTL concessions agreements</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(5)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Refers
      mainly to purchases of coal, tin, aluminum and zinc, which comprise part
      of the raw materials for steel manufacturing and take-or-pay
      contracts.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(6)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">We have
      outstanding contracts with several contractors in order to maintain our
      plants in good operating conditions; due to the strong demand for
      specialized maintenance service, the term of some of these contracts is
      for more than one year.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(7)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="97%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Refers
      mainly to natural gas, power supply and cryogenics, which are provided by
      limited suppliers; and with some of which we maintain long-term
      contracts.</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635064></A><A name=_Toc384635065></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5G. Safe
Harbor</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Forward-Looking Statements.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635066></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 6.
Directors, Senior Management and Employees</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6A.
Directors and Senior Management</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">General</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are managed by our Board of Directors (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Conselho de Administra&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), which
consists of up to eleven members, and our Board of Executive Officers
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Diretoria Executiva</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), which
consists of two to nine Executive Officers with no specific designation (one of
whom is the Chief Executive Officer). In accordance with our bylaws
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Estatuto Social</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), each
Director is elected for a term of two years by our shareholders at an annual
shareholders&#8217; meeting. Our bylaws require our employees to be represented by one
Director on the Board of Directors. The members of the Board of Executive
Officers are appointed by the Board of Directors for a two-year term.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Board of Directors is responsible for setting general
guidelines and policies for our business and our Board of Executive Officers is
responsible for the implementation of such guidelines and policies and for our
day-to-day operations. As of the date of this annual report, our Board of
Directors was comprised of one Chairman and five members, and our Board of
Executive Officers was comprised of our Chief Executive Officer and four
Executive Officers.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">110</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_111></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Directors and Executive Officers as of the date of
this annual report are:</FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=2>

  <TR style="HEIGHT: 37.4pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Name&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Position&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Age</FONT><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">&#185;</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">First
      Elected on&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 37.4pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Last
      Elected on&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Board
      of Directors</FONT></I></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch&nbsp;</FONT></B></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Chairman&nbsp;</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">64</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April&nbsp;23, 1993&nbsp;</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Fernando Perrone&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Member&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">70</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">September&nbsp;26, 2002&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Fabiam Franklin</FONT></B></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Member&nbsp;</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">50</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April
      28, 2016&nbsp;</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Yoshiaki Nakano&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Member&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">73</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April&nbsp;29, 2004&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Antonio Bernardo Vieira Maia</FONT></B></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Member</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">58</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April
      30, 2013</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">L&#233;o
      Steinbruch</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Member</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">49</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April
      28, 2015</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">July
      03, 2017</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Board
      of Executive Officers</FONT></I></P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 19.2pt">
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch&nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Chief
      Executive Officer&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">64</FONT></P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">April&nbsp;30, 2002&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.2pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">29
      September, 2017</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.55pt">
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">David
      Moise Salama</FONT></B></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Executive Officer</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">51</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">August
      2, 2011</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">29
      September, 2017</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.55pt">
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Luis
      Fernando Barbosa Martinez</FONT></B></P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Executive Officer</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">54</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">August
      2, 2011</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">29
      September, 2017</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.55pt">
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=ES-TRAD style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Pedro
      Gutemberg Quariguasi Netto</FONT></B></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Executive Officer</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">52</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">May 11,
      2016</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">29
      September, 2017</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.55pt">
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=ES-TRAD style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Marcelo
      Cunha Ribeiro</FONT></B></P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Chief
      Financial Office</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">40</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">29
      September, 2017</FONT></P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 6.55pt; BORDER-BOTTOM: #4472c4 1pt solid" vAlign=top>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">29
      September, 2017</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#185;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Age as of 05
December, 2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The next election for our Board of Directors is expected
to take place on April 2019. The next election for our Board of Executive
Officers is expected to take place in September 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635067></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Board of
Directors</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Mr.
Steinbruch has been a member of our Board of Directors since April 23, 1993, and
has simultaneously held the positions of Chairman since April 28, 1995 and CEO
since April 30, 2002, </FONT><FONT lang=ES-TRAD style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and is in
charge of mining, railways and institutional strategy</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Since
2017, he has been Chairman of the Board of Directors of the Jockey Club of S&#227;o
Paulo, a member of the Board of Economic and Social Development since 2014 and
member of the Administrative Board of the Portuguese Chamber, 1<SUP>st</SUP>
Vice-President of the Federation of Industries of the State of S&#227;o Paulo - FIESP
since September 2004, member of FIESP&#8217;s Superior Strategic Board, advisor to the
Robert Simonsen Institute and member of the Interinstitutional Advisory Board,
or CCI, of the Superior Court of the State of S&#227;o Paulo. Over the past five
years, he also served as Chairman of the Board of Directors and CEO of Vicunha
Siderurgia S.A., Chairman of the Board of Directors of Nacional Min&#233;rios S.A.,
Transnordestina Log&#237;stica S.A. and FTL - Ferrovia Transnordestina Log&#237;stica
S.A.&nbsp; Currently he holds the position of Vice Chairman of the Board of
Directors of Text&#237;lia S.A., Chairman of the Board of Directors of Vicunha A&#231;os
S.A., Fibra Cia. </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Securitizadora de Cr&#233;ditos Imobili&#225;rios and Banco Fibra
S.A.,&nbsp; member of the Board of Directors of Elizabeth S.A. &#8211; Ind&#250;stria
T&#234;xtil, Vicunha Participa&#231;&#245;es S.A. and Vicunha Steel S.A., Officer of Rio Purus
Participa&#231;&#245;es S.A. and Officer of Rio Iaco Participa&#231;&#245;es S.A., Administrator of
Fazenda Alvorada de Bragan&#231;a Agro-Pastoril Ltda., Ibis Agr&#225;ria Ltda., Ibis II
Empreendimentos Ltda., Ibis Participa&#231;&#245;es e Servi&#231;os Ltda. and Haras Phillipson
Ltda. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(all these companies belong to our controlling group),
Chairman of the Board of Directors of Companhia Metal&#250;rgica Prada and CSN
Minera&#231;&#227;o S.A. (both</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">companies are controlled by us), Chairman of the
Deliberative Council of the CSN Foundation . Mr. Steinbruch graduated from the
Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV/SP Business School and specialized in Marketing
and Finance also at Funda&#231;&#227;o Get&#250;lio Vargas - FGV/SP.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fernando Perrone</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Mr.
Perrone has been a member of our Board of Directors since September 26, 2002,
and a member of our Audit Committee since June 24, 2005. He was our
Infrastructure and Energy Executive Officer from July 10, 2002, to October 2,
2002. Over the past five years, he served as member of the Board of Directors of
Profarma - Distribuidora de F&#225;rmacos S.A., and a member of the Board of
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directors of Jo&#227;o Fortes Engenharia S.A., Energia
Sustent&#225;vel S.A., and FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A. (controlled
by us), he is also a deputy member of the Board of Directors of Transnordestina
Log&#237;tica S.A (company joint controlled by us).He also serves as an independent
consultant in the infrastructure area. Mr. Perrone graduated in Business from a
program sponsored by "Chimica" Bayer S.A., holds a Law degree from Universidade
Federal Fluminense &#8211; UFF/RJ and has a graduate degree in Economics in the area
of Capital Markets from Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV/SP.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">111</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">Fabiam Franklin</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">. Mr. Franklin has been a member of our Board of
Directors since April 28, 2016. Since April 4, 2016 he has been serving as
Chairman of the Advisory Council of CSN&#8217;s Stock Investment Fund (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">CSN Invest Fundo de Investimentos em
A&#231;&#245;es</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">) and is a member of the Board of Directors of the
Brazilian Association of Metallurgy and Mining (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">Associa&#231;&#227;o Brasileira de Metalurgia, Materiais e
Minera&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">) since April 2015. He has also been a manager of the CSN
Financial Education Program since 2008, and has served as General Manager of
Blast Furnaces at CSN since 2002. Mr. Franklin graduated in Metallurgical
Engineering from Universidade Federal Fluminense &#8211; UFF/RJ and holds a graduate
degree in Reduction Metallurgy, from the &#8211;Mc Master University, Hamilton,
Canada, and an MBA from Funda&#231;&#227;o Dom Cabral &#8211; Belo Horizonte/MG. Mr. Franklin is
currently studying for a master&#8217;s in Economics at IBMEC.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">Yoshiaki Nakano</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; LINE-HEIGHT: normal" face="times new roman">. Mr. Nakano has been a member of our Board of Directors
since April 29, 2004, and a member of our Audit Committee since June 24, 2005.
He also serves as a member of the Board of Directors of Transnordestina
Log&#237;stica S.A. (company joint controlled by us) and, over the past five years,
Mr. Nakano has been a professor and Officer at the School of Economics of
Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV/SP, a member of the Economy Superior Council
(Conselho Superior de Economia - COSEC) of FIESP/Instituto Roberto Simonsen, and
a board member of the Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo &#8211;
FAPESP, until 2015. Previously, Mr. Nakano served as Special Secretary for
Economic Affairs in the Ministry of Finance and as Finance Secretary of the
State of S&#227;o Paulo. Mr. Nakano graduated in Business Administration from
Funda&#231;&#227;o Getulio Vargas and has an MBA and a Ph.D. from Cornell University,
USA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Antonio Bernardo Vieira Maia.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> Mr. Maia
was elected member of our Board of Directors on April 30, 2013 and has been a
member of our Audit Committee since August 8, 2013, serving as Chairman of the
Audit Committee since May 6, 2014, and of the Financial Committee from October
7, 2014 to December 31, 2016. He has also been CEO of BRG Capital Ltda. since
July 2005 and is a member of the Board of Directors of Transnordestina Log&#237;stica
S.A. (company joint controlled by us) and of FTL &#8211; Ferrovia Transnordestina
Log&#237;stica S.A. and CSN Minera&#231;&#227;o S.A. (controlled by us). From April 1995 to May
2005 he was Officer of Credit Suisse/Banco Garantia de Investimentos S.A. He
began his career in Citibank Brazil, as a trainee, in 1982 and moved to New York
in 1986, where he first worked as an Institutional Investment Analyst of
Citigroup for Latin America, until become an Officer of Citibank New York. Prior
to that, he worked as an associate at Banco Bozano Simonsen de Investimentos in
Rio from August 1979 to December 1981, and he served as a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#1f497d face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">member of
the Board of Directors of Banque B&#233;n&#233;dict Hentsch &amp; Cie SA, Geneva,
Switzerland, from April to December 2006. He graduated in 1981 with a degree in
Business and Public Administration from Funda&#231;&#227;o Getulio Vargas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">L&#233;o Steinbruch: </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mr.
Steinbruch</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">has been member of our Board of Directors since April 28,
2015, and was elected as vice chairman of the Board of Directors on May 11,
2016. He is also member of the Board of Directors of Elizabeth S.A. Ind&#250;stria
T&#234;xtil, Vicunha A&#231;os S.A., Vicunha Participa&#231;&#245;es S.A., Vicunha Steel S.A. and
Text&#237;lia S.A. He is also an Executive Officer at CFL Participa&#231;&#245;es S.A. and at
Taquari Participa&#231;&#245;es S.A., and administrator of Fazenda Santa Ot&#237;lia
Agropecu&#225;ria Ltda. (all these companies are part of our controlling
group).</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Board of
Executive Officers</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to Mr. Steinbruch, the following people were
members of our Board of Executive Officers as of the date of this annual
report:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">David Moise Salama</FONT></I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> Mr. Salama
was elected as an Executive Officer on August 2, 2011, is in charge of the real
estate, insurance and credit areas, and has also been our Investor Relations
Executive Director since May 30, 2016. He has been serving at CSN since 2006,
having acted as Investor Relations Manager until August 2011. He is also
currently serving as Executive Officer of Estanho de Rond&#244;nia S.A. and is a
member of the Board of Directors of Companhia Florestal do Brasil, CSN
Minera&#231;&#227;o, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sepetiba Tecon S.A., Lusosider &#8211; A&#231;os Planos S.A.,
Lusosider Productos Sider&#250;rgicos S.A., and Lusosider Ib&#233;rica (all companies
controlled by us). He is also a deputy member of the Deliberative Council of
Caixa Beneficente dos Empregados of CSN, or CBS and deputy member of the Board
of Directors of Transnordestina Log&#237;stica S.A (a company jointly controlled by
us) and FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A (controlled by us). Prior
to joining CSN, Mr. Salama acted as Financial Officer at Tecnisa Engenharia e
Com&#233;rcio, Birmann Com&#233;rcio e Empreendimentos and Goldfarb Com&#233;rcio e
Constru&#231;&#245;es, was the head of consolidated financial information of Unilever
Brasil and acted as senior auditor at PwC. Mr. Salama graduated in Accounting
and has an MBA in Finance, both from the School of Economics, Business and
Accounting of the Universidade de S&#227;o Paulo / FEA-USP. He complemented his
academic education by attending the Oxford Advanced Management and Leadership
Program of Sa&#239;d Business School at Oxford University, England, and the Harvard
Law School Program on Negotiation at Harvard University, United
States.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Luis Fernando Barbosa Martinez</FONT></I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> Mr.
Martinez was elected as an Executive Officer on August 2, 2011, and is in charge
of the commercial and logistic areas of the steel, cement and special sales
segment. He has been serving CSN since 2002, having previously acted as Sales
Officer and Director of Nacional Min&#233;rios S.A. (Nacional Min&#233;rios S.A. ceased to
exist on December 31, 2015). Mr. Martinez is also a member of the Board of
Directors of Associa&#231;&#227;o Brasileira de Metalurgia, Materiais e Minera&#231;&#227;o, or ABM,
and deputy member of the Board of Directors of FTL &#8211; Ferrovia Transnordestina
Log&#237;stica and Transnordestina Log&#237;stica S.A.. He is also currently serving as an
Officer of Estanho de Rond&#244;nia S.A., Minera&#231;&#227;o Nacional S.A., CSN Energia, S.A.
and Stahlwerk Th&#252;ringen GmbH, and as member of the Board of Directors of CSN
Minera&#231;&#227;o S.A., Companhia Florestal do Brasil, Companhia Metal&#250;rgica Prada (all
companies controlled by us) and MRS Log&#237;stica S.A. (a company jointly controlled
by us) and a member of the Deliberative Council of Caixa Beneficente dos
Empregados da Companhia Sider&#250;rgica Nacional, or CBS. Since March 2017 he is
also member of the Board of Officers of C&#226;mara de Com&#233;rcio e Ind&#250;stria Brasil &#8211;
Alemanha.&nbsp; Prior to joining CSN, Mr. Martinez was a Sales Officer at Alcan
Alum&#237;nio do Brasil S.A., having worked at that company for 14 years in different
departments (processing, quality, product/market development and sales). He also
acted as Executive Officer of the Brazilian Center of Steel Construction - CBCA
and of the Brazilian Association of Metallic Construction, or ABCEM,, and he was
president of the Brazilian Association of Steel Packaging - ABEA&#199;O. Mr. Martinez
graduated with a degree in Metallurgical Engineering from Instituto Mau&#225; de
Tecnologia, or IMT, has a graduate degree in Industrial Management from the
School of Production Engineering of the Universidade de S&#227;o Paulo, and also
graduated from the Corporate Management Development Program at Alcan Aluminum
Limited in Montreal, Canada.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pedro Gutemberg Quariguasi Netto</FONT></I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Mr. Quariguasi was e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">lected as an
Executive Officer on May 11, 2016, and until June, 2017, was in charge of the
production of steel area. Currently, he holds the position of Executive Officer
in charge of the steel operational area.&nbsp; During the few last years, Mr.
</FONT><FONT lang=ES-TRAD style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quariguasi acted as CEO of Vale in Mozambique and as
Global Officer of Coal of Vale at Mozambique and Australia from March 2014 until
April 2016, and as Partner and Commercial and Marketing Officer at B&amp;A
Minera&#231;&#227;o from May 2012 until September 2013. He is also member of the Board of
Directors of MRS Log&#237;stica S.A.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (a company
jointly controlled by us)</FONT><FONT lang=ES-TRAD style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, and CSN
Minera&#231;&#227;o S.A (controlled by us).&nbsp; Mr. Guariguasi has a degree in
Metallurgical Engineering from Universidade Federal Fluminense, a Master degree
in Metallurgical Engineering from Pontificia Universidade Cat&#243;lica do Rio de
Janeiro, a PhD in Metallurgical Engineering from McGill University, Canada, and
an MBA in Finance, Corporate Strategy and Economics from McKinsey &amp;
Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Cunha Ribeiro. was elected as an Executive
Officer on September 29, 2017, and is in charge of the treasury, controller, tax
and accounting areas. During the few last years, Mr. Ribeiro acted as CFO of St.
Marche Group, Vice President of Finance and Investor Relations of Restoque
Com&#233;rcio e Confec&#231;&#245;es de Roupas SA, CFO of Grupo SBF (GP Investimentos Ltd),
Managing Director of the Private Equity &#225;rea of GP Investimentos Ltd and CFO of
San Antonio International Ltd. He was also a member of the Board of Directors of
Hopi Hari SA, Telemar Norte Leste SA (Oi SA), Contax Participa&#231;&#245;es SA, Est&#225;cio
Participa&#231;&#245;es SA, Magnesita Refrat&#225;rios SA, BR Towers SPE1 SA. Mr. Ribeiro
graduated in Production Engineering from the University of S&#227;o Paulo and has a
MBA from Harvard Business School.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mr. Benjamin Steinbruch and Mr. L&#233;o Steinbruch are
cousins. There are no other family relationships between any of the persons
named above. The address for all of our directors and executive officers is Av.
Brigadeiro Faria Lima, 3400, 20th floor, Itaim Bibi, city of S&#227;o Paulo, State of
S&#227;o Paulo, Brazil (telephone number 55-11-3049-7100).</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indemnification of Officers and Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There is no provision for or prohibition against the indemnification of officers and directors in Brazilian law or in our bylaws. Officers are generally not individually liable for acts performed within the course of their duties. We either indemnify or maintain directors&#8217; and officers&#8217; liability insurance insuring our Directors, our Executive Officers and certain key employees against liabilities incurred in connection with their respective positions with us.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635068"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6B. Compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For the year ended December 31, 2016, the aggregate compensation paid by us to all members of our Board of Directors and the members of our Board of Executive Officers for services in all capacities was R$72.2 million, which includes salaries, bonuses, profit sharing arrangements and benefits, such as medical assistance, pension plan and life insurance, among others. See &#8220;&#8212;Item 6D. Employees&#8221; for a brief description of our profit sharing arrangements.<A name="_Toc384635069"></A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6C. Board Practices</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fiscal Committee and Audit Committee</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Brazilian Corporate Law, shareholders may request the appointment of a Fiscal Committee (Conselho Fiscal), which is a corporate body independent of management and our external auditors. The primary responsibility of the Fiscal Committee is to monitor management&#8217;s activities, review the financial statements, and report its findings to the shareholders. Currently, we do not have a Fiscal Committee in place.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In June 2005, an Audit Committee (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comit&#234; de Auditoria</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) was appointed in compliance with SEC&#8217;s rules, which is composed of independent members of our Board of Directors. The Audit Committee is responsible for recommending to the Board of Directors the appointment of the independent auditors, reporting on our auditing policies and our annual audit plan prepared by our internal auditing team, as well as monitoring and evaluating the activities of the external auditors. Our Audit Committee has also been tasked with identifying, prioritizing and submitting actions to be implemented by our Executive Officers, analyzing our annual report and our financial statements, and making recommendations to our Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Audit Committee is currently composed of Mr. Fernando Perrone, Mr. Yoshiaki Nakano and Mr. Antonio Bernardo Vieira Maia and&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">it may be</FONT>&nbsp;assisted by an outside consultant. All members of our Audit Committee satisfy the audit committee membership independence requirements set forth by the SEC and the NYSE. All members of our Audit Committee have been determined by our Board of Directors to qualify as an &#8220;audit committee financial expert&#8221; within the meaning of the rules adopted by the SEC relating to the disclosure of financial experts on audit committees in periodic filings pursuant to the Exchange Act.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For information on the date of election and term of office of the members of our Board of Directors and Board of Executive Officers, see &#8220;Item 6A. Directors and Senior Management.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635070"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Service Contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We permit our directors to continue to participate in our employee pension plan after ceasing to be a director of our Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647485"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6D. Employees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December&nbsp;31, 2014, 2015 and 2016, we had 22,801 and 23,736 and 23,993 employees, respectively.&nbsp; As of December&nbsp;31, 2016, approximately 3,400 of our employees were members of the Steelworkers&#8217; Union of Volta Redonda and region, which is affiliated with the For&#231;a Sindical since 2012, a national union.&nbsp; We believe we have a good relationship with For&#231;a Sindical.&nbsp; We have collective bargaining agreements, renewable annually on May&nbsp;1<SUP>st</SUP> of every year. Moreover, we have members affiliated with other unions, such as the Engineers&#8217; Union with 12 members, the Accountants&#8217; Union with 3 members and the Workers&#8217; Unions from Arcos, Casa de Pedra, Cama&#231;ari, Recife and Arauc&#225;ria, with a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">total of 63 members. At all other companies controlled by CSN, such as Prada, ERSA, CSN Minera&#231;&#227;o and Transnordestina, we have a total of 1,400 members.</FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March&nbsp;1997, we established an employee profit sharing plan. All employees participate in this plan and earn bonuses based on our results, our business unit results, the employee&#8217;s individual results and the employee&#8217;s competence assessment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are the main sponsor of this non-profit entity established in July 1960 and are primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans. See further details in Note 28 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">6E. Share Ownership</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Steinbruch family, which includes Mr. Benjamin Steinbruch, our Chairman and Chief Executive Officer holds an indirect majority ownership interest in Vicunha A&#231;os S.A., Rio Iaco Participa&#231;&#245;es S.A., Vicunha T&#234;xtil S.A. and CFL Participa&#231;&#245;es S.A., our controlling shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">All of our Executive Officers and members of our Board of Directors held an aggregate of 90,526 shares of our outstanding common shares as of December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635071"></A><A name="_Toc384635072"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 7. Major Shareholders and Related Party Transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">7A. Major Shareholders&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><A name="_Toc384635073"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 31, 2016, our capital stock was composed of 1,387,524,047 common shares. Our capital stock is entirely composed of common shares and each common share entitles the holder to one vote at our shareholders&#8217; meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth, as of December 31, 2016, the number of our common shares owned by our major shareholders:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.1pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Common Shares&nbsp;&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Percent of</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Shares Owned</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Outstanding</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Name of Person or Group&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Shares</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Vicunha A&#231;os S.A.<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;682,855,454</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;49.21%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Rio Iaco Participa&#231;&#245;es S.A. <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4.19%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Vicunha Textil S.A. <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,927,000</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0.36%</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CFL Participa&#231;&#245;es S.A.<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,977,536</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;0.29%</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Owned indirectly by the Steinbruch family, which includes Mr. Benjamin Steinbruch, Chairman of our Board of Directors and CEO, as well as other members of his family.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635074"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">7B. Related Party Transactions</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Our transactions with related parties consist of (i) transactions with our holding companies; (ii) transactions with subsidiaries, jointly controlled entities, associates, exclusive funds and other related&nbsp;parties; and (iii) other unconsolidated related parties, which are detailed in Note 20 to our consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Vicunha Siderurgia S.A is a holding company set up for the purpose of holding equity interests in other companies and is our main shareholder, holding 50.32% of CSN&#180;s voting shares. Rio Iaco Participa&#231;&#245;es S.A is also a holding company and holds 4.29% of CSN&#180;s voting capital.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Our commercial and financial transactions with our subsidiaries, jointly controlled entities, associates, exclusive funds and other related parties are carried out at normal market prices and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">conditions, based on usual terms and rates applicable to third parties.&nbsp; We present details of such transactions in Note 20 of our consolidated financial statements.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">115</FONT></P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_116></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -36pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman">We mantain relations with other unconsolidated related
parties as CBS Previd&#234;ncia, Funda&#231;&#227;o CSN, Banco Fibra, Ibis Participa&#231;&#245;es e
Servi&#231;os Ltda, Arverdi Metalfer do Brasil S.A.. </FONT></P>
<P style="MARGIN: 0cm 0cm 10pt"><A name=_Toc384635075></A><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face="times new roman">Item 8.
Financial Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635076></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">8A.
Consolidated Statements and Other Financial Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Item 3. Key Information&#8212;Selected Financial Data&#8221; and
&#8220;Item 18. Financial Statements&#8221; for our consolidated financial
statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Legal
Proceedings </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the ordinary course of our business, we are party to
several proceedings, both administrative and judicial, which we believe are
incidental and arise out of our regular course of business. We believe that the
outcome of the proceedings to which we are currently a party will not have a
material adverse effect on our financial position, results of operations and
cash flows. We have established provisions for all amounts in dispute that
represent a probable loss based on the legal opinion of our internal and
external legal counsels.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Labor
Contingencies</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2016, we and our subsidiaries were
defendants in 7,953 labor claims, for which a provision has been recorded in the
amount of R$485 million. Most of the claims relate to alleged subsidiary and/or
joint liability with respect to our independent contractors, salary
equalization, health hazard premiums and hazardous duty premiums, overtime pay,
differences in the 40% fine on the severance pay fund (FGTS) deposits resulting
from past federal government economic plans, and indemnity claims resulting from
alleged occupational diseases or on-the-job accidents, breaks between working
hours, and differences in profit sharing from 1997 to 1999 and from 2001 to
2003.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Civil
Contingencies</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">These are mainly claims for indemnities within the civil
judicial processes in which we are involved. Such proceedings result, in
general, from contractual disputes and collection of values, claims for damages
and compensations related to our commercial and industrial activities, real
estate disputes and disputes aiming at restoring health insurance. As of
December 31, 2016, a provision has been recorded in the amount of R$138 million
for civil claims. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We also classify as civil contingencies the
administrative and judicial proceedings filed against us for alleged violation
of environmental statutes, mainly as a result of our industrial activities,
claims for regularization, indemnification or imposition of fines. As of
December 31, 2016, the amount relating to probable losses for civil
contingencies relating to environmental issues was R$8 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax
Contingencies</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Among our tax contingencies, there are charges for
alleged non-payment of income tax and social contribution taxes in Brazil and
also other charges, for which a provision of R$182 million has been recorded in
2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">REFIS I,
REFIS II and Advance Tax Payment Program</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2009, we adhered to the REFIS I, a special
settlement and installment payment program established by the Federal
Government, to settle certain of our tax and social security liabilities due
until November 2008. Law No. 12,865, dated October 9, 2013, later extended the
original deadline of the REFIS I (originally November 2009) to December 2013 and
allowed the submission of additional tax and social security liabilities under
the program. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2013, we adhered to the Tax Recovery Program
for Profits of Foreign Subsidiaries, or REFIS II, a special settlement and
installment payment program established by the Federal Government, to settle the
Income Tax (IRPJ) and the Social Contribution on Net Income (CSLL) arising from
the taxation of profits of foreign subsidiaries. We submitted to the REFIS II
the outstanding debts related to the 2004-2009 fiscal years. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our decision to join both the REFIS I and the REFIS II
took into consideration the economic benefits provided by such settlement
programs, such as discounts in the amounts of fines, interest and legal charges
due, as well as the high costs of maintaining pending lawsuits. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2014, we adhered to the Advance Tax Payment
Program established by the Federal Government under Law 13.043/2014, which
allowed settlement of active federal debts, including the debts that were
covered by the REFIS I and REFIS II programs mentioned above, through an advance
payment of 30% of the total amount due in cash and the offset of the remaining
amount due with tax losses. The total amount included in the program was R$1.603
million, resulting in an impact to the cash account of R$502 million and a
positive result of R$79 million in our income statements. We are currently
waiting for a formal notification to be issued by the Federal Revenue to
consolidate the Tax Payment Program. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2015, we started to consolidate CSN
Minera&#231;&#227;o (formerly named &#8220;Congonhas Min&#233;rios&#8221;) as successor of Namisa in our
results and financial reports, including its settlement and installment payment
programs. In November 2013, Namisa adhered to the Tax Recovery Program for
Profits of Foreign Subsidiaries, or REFIS II, established by the Federal
Government to settle the Income Tax (IRPJ) and the Social Contribution on Net
Income (CSLL), arising from the taxation of profits of foreign
subsidiaries.&nbsp; Namisa did not adhere to the Advance Tax Payment Program. On
December 31, 2016, the position of the company&#8217;s debt under the REFIS II was
R$63.5 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For more information, see Note 17 (Taxes Installments) to
our consolidated financial statements included in &#8220;Item 14.a Financial
Statements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Antitrust</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In October 1999, CADE fined us, claiming that certain
practices adopted by us and other Brazilian steel companies up to 1997 allegedly
comprised a cartel. We challenged the cartel allegation and the imposition of
the fine judicially and, on June 2003, obtained a partially favorable judgment
by a federal trial court. CADE appealed the trial court decision and, in June
2010, a federal appellate court in Bras&#237;lia held a judgment reversing the trial
court&#8217;s decision and confirming the cartel allegation, as well as the fine
imposed by CADE in the amount of R$65 million. We appealed the decision of the
appellate court to the Brazilian Superior Court of Justice. We have not yet
recorded any provision in connection with this fine, as the risk of loss is
classified as possible.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In September 2011, we received a request from the
Economic Law Secretariat of the Ministry of Legal Affairs (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Secretaria de Direito Econ&#244;mico do Minist&#233;rio da
Justi&#231;a</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or SDE to provide information related to the
acquisition of shares of Usinas Sider&#250;rgicas de Minas Gerais S.A., or Usiminas,
which later evolved to the analysis by CADE of a concentration act. In October
2011, SDE involved the CADE and the Secretariat for Economic Monitoring
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Secretaria de Acompanhamento Econ&#244;mico)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">,
or</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SEAE on the
subject and we provided the requested information to these antitrust
bodies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In April and July, 2012, CADE issued certain injunctive
orders limiting our ability to, among other things, increase our equity stake in
Usiminas or exercise our voting rights with the shares we already
own.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 10, 2014, CADE issued its decision on the
matter, and a Performance Commitment Agreement (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Termo de
Compromisso de Desempenho</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or TCD,
was executed by CADE and CSN. Under the terms of CADE&#8217;s decision and the TCD,
CSN shall reduce its equity stake in Usiminas, within a specified timeframe. The
timeframe and reduction percentages are confidential. Furthermore, our political
rights in Usiminas will continue to be suspended until we reach the thresholds
established in the TCD. On March 24, 2016, we applied to CADE to partially
suspend the TCD so that we are able to exercise certain political rights, namely
that of appointing independent directors and members of the fiscal committee. On
April 27, 2016 CADE granted our request, and on April 28, 2016, at
USIMINAS&#8217;Annual General </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Meeting, we
appointed two (2) independent directors and one (1) independent member of the
fiscal committee of Usiminas, and their respective alternates. Even though these
appointments are currently subject to litigation, there is no judicial order in
place overturning or otherwise suspending their effects. </FONT></P>
<DIV></DIV>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Northeastern Railway System
Proceedings</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Federal Audit Court (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tribunal de
Contas da Uni&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or TCU,
has initiated proceedings questioning the legality of the governmental
authorizations for the segregation of the Northeastern Railway System in two
sub-railway systems &#8211; Northeastern Railway System I (in operation by FTL) and
Northeastern Railway System II (under construction by TLSA). According to the
claim under this proceeding, the federal government should have done a new bid
process to grant the concession for the construction of the new tracks of the
Northeastern Railway System (Northeastern Railway System II).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are unable to anticipate its outcome. The consequences
of an unfavorable decision may include the loss by TLSA of the concession for
Northeastern Railway System II, the imposition of additional investments in
developing this sub-railway system and the acceleration of loans granted to
TLSA, for which we are guarantors. See &#8220;Item 5E. Off-Balance Sheet
Arrangements&#8212;Guarantees of Debt.&#8221; In addition, even if we are entitled to any
indemnification in connection with a termination of the TLSA concession
agreement for our investments in developing Northeastern Railway System II, this
indemnification may be insufficient to cover our costs, expenses or losses and
may be paid long after a decision terminating the concession, if at
all.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the course of this proceeding, the TCU has suspended
further disbursements by government agencies, including the State Owed Railroad
Company - Valec (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Valec
Engenharia Contru&#231;&#245;es e Ferrovias</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) and the
Northeast National Development Fund &#8211; FDNE (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fundo
Nacional de Desenvolvimento do Nordeste</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), for the
development of Northeastern Railway System II,</FONT><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: normal" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">which has contributed to a slow pace of construction of
the new tracks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ANTT has initiated proceedings claiming that FTL did not
meet certain transportation targets for the Northeastern Railway System I in
2013 and seeking to terminate the TAC we executed with FTL, which had settled
all claims of non-compliance by us with the original concession agreement of the
Northeastern Railway System until 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">These procedures resulted in the resumption of the
administrative proceeding which began in 2012 for ANTT to evaluate the
occurrence of any relevant breach to the Concession Agreement. The consequences
of an unfavorable decision may include the loss by FTL and TLSA of the
concession for Northeastern Railway System , in case ANTT finds that the alleged
breaches were severe enough and the reinstatement of penalties prior to 2013 and
imposition of additional penalties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other Legal
Proceedings</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are defendants in other proceedings at administrative
and judicial levels, in the approximate amount of&nbsp; R$ 25,845 million as of
December 31, 2016 (R$21,541 million </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">as
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">of December 31, 2015), of which R$23,421 million relate
to tax contingencies as of December 31, 2016 (R$19,315 million as of December
31, 2015), R$910.8 million to civil contingencies as of December 31, 2016 (R$834
million as of December 31, 2015), R$1,138 million</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">to labor contingencies and social security contingencies
as of December 31, 2016 (R$1,033 million as of December 31, 2015), and R$375.3
million to environmental contingencies as of December 31, 2016 (R$359 million as
of December 31, 2015). The assessments made by legal counsel define these
contingencies as entailing a risk of possible loss and, therefore, no provision
has been recorded.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main tax contingency relates to a R$ 8,415 million
tax assessment notice (as of December 31,2016) issued against us for having
allegedly failed to submit to taxation the capital gain resulting from the
alleged sale of 40% of the shares of its former subsidiary Namisa (merged in
December 31, 2015 by our subsidiary CSN Minera&#231;&#227;o,) to the Asian Consortium. On
May 2013, the S&#227;o Paulo Regional Judgment Office (lower administrative court)
issued a decision favorable to us and cancelled the tax assessment notice. Such
decision was partially reviewed by the Administrative Board of Tax Appeals
(CARF) and the tax assessment notice was partially reinstated. CSN and the
Bureau of Federal Public Attorneys filed administrative appeals against the
decision.</FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The same tax assessment notice informed above resulted in
another contingency issued against Namisa, in a total amount of R$2,457 million
as of December 31,2016. This tax assessment demands the payment of income tax
and social contribution not paid in view of the alleged improper goodwill
amortization from 2008 to 2011. On May 2013, the S&#227;o Paulo Regional Judgment
Office (Delegacia Regional de Julgamento), the lower administrative court,
issued a decision favorable to Namisa and cancelled the tax assessment notice.
Such decision was maintained by CARF. The Bureau of Federal Public Attorneys
filed an administrative appeal against this decision. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a consequence of the above mentioned tax assessment
notices, CSN received new tax assessment notices in December 2015 and December
2016, in the total amount of R$ 1,087 million and R$ 1,113 million,
respectively, for having allegedly improperly deducted interest expenses agreed
in the pre-payment contracts between CSN and Namisa. We filed our defense before
the S&#227;o Paulo Regional Judgement Office (Delegacia Regional de Julgamento) and
are waiting for a final administrative decision to be issued.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2010, CSN signed a Conduct Adjustment Agreement (TAC)
with the State of Rio de Janeiro, with the commitment to carry out new studies
and investments to upgrade the environmental control equipment of the Presidente
Vargas Power Plant (UPV). This TAC initially estimated an investment in the
amount of R$216 million, which was later updated to R$260 million, after
obtaining more precise data on the costs of the projects. In 2013, CSN signed an
amendment to the TAC regarding certain points, as well as to include new
obligations determined by the State Environmental Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Instituto Estadual do Ambiente</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">), or INEA
resulting in an additional investment of R$165 million, which has already been
made. Due to the final deadline of the 2010 TAC, which would end in 2015, CSN,
the State of Rio de Janeiro and INEA entered into a new TAC (TAC INEA 03/2016)
on April 13, 2016. This TAC determined new investments in the amount of R$178.5
million related to UPV adjustments, payment of environmental fines in the amount
of R$16 million and amounts related to the compensatory measure of R$6.1 million
that will be allocated to environmental programs in the region of Volta Redonda.
Altho result in penalties, such as fines, lawsuits, interruptions at plants and
in production or the termination of TAC 03/2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In July 2012, the Environmental Public Prosecutor of the
State of Rio de Janeiro (Minist&#233;rio P&#250;blico Estadual do Rio de Janeiro) filed a
judicial proceeding against us claiming that we must (i) remove all waste
disposed in two areas used as an industrial landfill in the city of Volta
Redonda and (ii) relocate 750 residences located in the adjacent neighborhood
Volta Grande IV Residential, also in the city of Volta Redonda. The court denied
these requests but ordered that we present a timetable to investigate the area
and, if necessary, to remediate the potential issues raised by the Public
Prosecutor. We presented a timetable considering the conclusion of all studies
related to investigation phases, including the risk assessment and intervention
plan, which were concluded in April 30, 2014. We presented the studies resulting
from our research to INEA and the Prosecutor Office presented a response for the
inconsistency of the studies, which we rejected, and there has been no return
from INEA as of the date of this annual report. We have also received notices
for lawsuits brought by certain home owners at Volta Grande IV Residential
claiming indemnification for alleged moral and material damages. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 8, 2013, INEA fined us in the amount of R$35
million in relation to the aspects involving the Volta Grande IV Residential
requesting that we carry out the same actions under discussion in a July 2012
lawsuit. The fine imposed resulted in another legal action (annulment action)
distributed on in January 2014 to the 10th Public Treasury Court of the Capital
District (RJ), with the purpose of declaring null the fine applied by INEA. In
turn, INEA filed another action (Fiscal Execution Action), whose purpose is to
execute the amount of the fine imposed. The mentioned Fiscal Execution action
was distributed in May 2014 for the 4th Civil Court of the Volta Redonda Active
Debt Center (RJ). Currently, the Fiscal Execution Action is suspended until the
judgment of the annulment action so that there are no conflicting decisions.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In August 2013, the Federal Environmental Public
Prosecutor (Minist&#233;rio P&#250;blico Federal) filed a judicial civil proceeding
against us with the same claims requested on the lawsuit brought by the
Environmental Public Prosecutor of the State of Rio de Janeiro, described above.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2015, the Public Federal Ministry filed a Public Civil
Action against us to request the regularization of certain emissions at our
sintering plants and the interruption of its activities. According to CONAMA
Resolution 436/2011, we have until December 2018 to adjust them to the new
standards required. Currently, CSN is fulfilling the state
regulations.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Concerning other allegedly contaminated areas at Volta
Redonda city, the Public Ministry filed three Public Civil Actions aimed at
environmental remediation and indemnification of the areas named Marcia I, II,
III and IV, Wandir I and II and Reciclam. These demands are in the early stage
and CSN is currently conducting environmental studies that will determine the
extent of possible environmental damages from soil contamination as well as
implementing actions in order to comply with the applicable laws. Once the
studies are completed, these will be presented and attached to their respective
proceedings. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, CSN was notified about a judicial proceeding
filed against it by the Federal Public Prosecutor and the State Public
Prosecutor of Rio de Janeiro, regarding alleged irregular deposit of residues
named "Aterro Panco", claiming that we must recovery of degraded areas, repair
damages to flora and fauna, repair damages to human health, material and moral
damages to the environment. In view of the object of this judicial proceeding
and the stage of the procedure, the value related is illiquid.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2004, the Federal Prosecutor&#8217;s Office (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Minist&#233;rio P&#250;blico Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">,
</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">or MPF, filed a Public Civil Action against us for
alleged environmental contamination and pollution of the Para&#237;ba do Sul River,
allegedly caused by our industrial activity in the area. The court ruled against
us, seeking to compensate for the environmental damage caused to the ecosystem.
We appealed to the Superior Court of Justice, which upheld our appeal and
returned the proceeding to its initial stage in order to carry out expert
investigation, declaring the unfavorable decisions againt us null and
void.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 1995, the Municipality of Volta Redonda filed
a</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Public Civil
Action for us to comply with the requirements of a Compensatory Environmental
Program, or the PAC. We entered into an agreement with the Municipality of Volta
Redonda, or TAC/1995. In May 2008, despite reporting our compliance with
TAC/1995 in an approximate amount of R$16 million, the Municipality of Volta
Redonda disagreed with our declaration and requested the payment of outstanding
obligations. After initial discussions, the Municipality of Volta Redonda filed
a petition to execute the allegedly unfulfilled items for an amount of R$172
million, which we contested. The lower level court appointed an expert team to
determine our outstanding obligations and respective amount involved.
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A civil investigation is underway to verify (i) the
environmental requirements for our project in city of Arcos (a Cement Plant);
(ii) the monitoring and mitigation of the environmental impacts of the
production activities; (iii) our compliance with the conditions of our
environmental permits, including the creation of a museum within the Corumb&#225;
ecological station and the creation of a Private Natural Reserve
(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Reserva Particular de Patrimonio
Natural</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">), or RPPN; and (iv) actions for the
preservation of the cultural heritage and adoption of compensatory measures. On
February 2, 2011, a Conduct Adjustment Agreement (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Termo de Ajustamento de Conduta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">), or TAC, was signed to fulfill the Public Prosecutor
Office&#8217;s requirements. The Public Prosecutor has questioned our compliance with
the agreement, and we expect to enter into a new agreement with the Public
Prosecutor&#8217;s Office.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2009 and 2010, we signed agreements with the Public
Prosecutor&#8217;s Office seeking the recovery of environmental liabilities caused by
coal mining in the Southtern Region of Santa Catarina until the 1990s. The
environmental liabilities covered by the agreements include restoration of
certain areas. Our compliance with the agreement has been questioned by the
Public Prosecutor, who may request fines, freeze bank accounts, seek agreement
execution and/or begin a criminal investigation. We expect to resolve the
pending proceeding.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regarding mining issues, as a result of the accident
involving a Brazilian mining company in November 2015, the State of Minas Gerais
filed judicial proceedings against several companies in the mining segment,
based on the State Dam Inventory disclosed in 2014. These proceedings have the
scope to investigate the structures that do not have technical stability
guaranteed by an external auditor or which stability was not attested due to a
lack of documents or technical data.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On March, 2016, we were notified about the Public Civil
Action filed against it by the State of Minas Gerais and the State Environmental
Foundation (FEAM) questioning the stability of CSN&#8217;s structure referred to as
BAIA 4 &#8211; a small structure installed inside the industrial area and used for
collection of fine of the ore filtration process. Such proceeding was filed
based on outdated information before presenting the defense. We clarified the
plantiffs to demonstrate the stability of Baia 4&#180;s structure, wherein the
plaintiffs decided to drop the lawsuit. On August, 2016, we were notified of a
similar Public Civil Action, regarding the structure of Dique do Engenho. We
presented documents to the state autorithies proving the stability and security
of Dique do Engenho, and we expect that this lawsuit be dismissed in the same
manner as the BAIA 4 Public Civil Action.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Independent Investigation</FONT></I></B></FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In May 2017, our Audit Committee mandated external forensic and legal advisors to conduct an independent investigation regarding an allegation released in the media of allegedly illicit payments of R$16.5 million by us during the construction of the Long Steel Plant in Volta Redonda [in the 2010 &#8211; 2014 period].&nbsp; We have not been subject to any investigation by any governmental or any other enforcement agencies with regard to the allegation. In November 2017, the investigation was concluded, and the aforementioned allegation was not confirmed, nor was any other misconduct identified.&nbsp; As a result, we have not recorded any contingencies in this regard.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dividend Policy </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">General</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Subject to certain exceptions set forth in Brazilian Corporate Law, our bylaws require that we pay a yearly minimum dividend equal to 25% of our adjusted net profits, calculated in accordance with Brazilian Corporate Law. Proposals to declare and pay dividends in excess of the statutory minimum dividend requirement are generally made at the recommendation of our Board of Directors and approved by the vote of our shareholders. Any such proposal will be dependent upon our results of operations, financial condition, cash requirements for our business, future prospects and other factors deemed relevant by our Board of Directors. Until December 2000, it had been our policy to pay dividends on our outstanding common shares not less than the amount of our required distributions for any particular fiscal year, subject to a determination by our Board of Directors that such distributions would be inadvisable in view of our financial condition. In December 2000, our Board of Directors decided to adopt a policy of paying dividends equal to all legally available net profits, after taking into consideration the following priorities: (i) our business strategy; (ii) the performance of our obligations; (iii) the accomplishment of our required investments; and (iv) the maintenance of our good financial status.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazilian companies are also permitted to pay limited amounts of interest on Shareholders&#8217; equity to holders of equity securities and to treat these payments as an expense for Brazilian income tax purposes. These payments,</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">net of withholding income tax, may be included in the computation of the statutory minimum dividend requirement has been met, subject to shareholder approval.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For dividends declared during the past four years, see &#8220;Item 3A. Selected Financial Data.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Amounts Available for Distribution</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At each Annual Shareholders&#8217; Meeting, our Board of Directors is required to recommend how our earnings for the preceding fiscal year are to be allocated. For purposes of Brazilian Corporate Law, a company&#8217;s income net of income tax and social contribution for any one fiscal year, any accumulated losses from prior fiscal years and amounts allocated to employees&#8217; and management&#8217;s participation in earnings, represents its &#8220;net profits&#8221; for that fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In accordance with Brazilian Corporate Law, shareholders are entitled to receive as a mandatory dividend in each fiscal year, either (i) the portion of the profits as may be stated in our bylaws or, in the event the latter is silent in this regard, (ii) an amount equal to 50% of the net profits as increased or reduced by: (a) amounts allocated to the legal reserve; (b) amounts allocated to the contingency reserve and the tax incentive reserve, if any; and (c) any reversion of contingency reserves constituted in prior years. The payment of dividends may be limited to the amount of net profits realized during the fiscal year, provided that the difference is recorded as a reserve for unrealized profits. Profits recorded in the reserve for unrealized profits, when realized and not absorbed by losses in subsequent years, have to be added to the first dividend declared after their realization. Under our bylaws, we are required to distribute to shareholders as dividends in respect of each fiscal year ending on December 31, to the extent profits are available for distribution, an amount equal to at least 25% of our adjusted net profits, which amount shall include any interest paid on capital during that year. See &#8220;Mandatory Dividends&#8221; below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Legal Reserve</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Under Brazilian Corporate Law, we are required to maintain a &#8220;legal reserve&#8221; to which we must allocate 5% of our &#8220;net profits&#8221; for each fiscal year until the amount of the reserve equals 20% of our paid-in capital. However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital reserves, exceeds 30% of our capital stock. The amounts allocated to such reserve must be approved by our shareholders in the Annual </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; Meeting, and may be used to increase our capital stock or to offset losses and, therefore, are not available for the payment of dividends.</FONT></P>

<DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Discretionary (or Statutory) Reserves. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Brazilian Corporate Law, any corporation may
provide in its by-laws for the creation of additional reserves, provided that
the maximum amount that may be allocated to such reserves, the purpose of such
reserves and the allocation criteria of such reserves are specified. There
cannot be any allocation to such reserves if it affects payment of the Mandatory
Dividend (as defined below). Our by-laws currently provide that our Board of
Directors may propose to our shareholders the deduction of at least 1% from our
net profits to be allocated to a Working Capital and Investments Reserve.
Constitution of such reserve will not affect payment of the Mandatory Dividend.
Our by-laws do not provide for any other discretionary reserve.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Contingency Reserve. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under
Brazilian Corporate Law, a percentage of our &#8220;net profits&#8221; may be allocated to a
contingency reserve for estimable losses that are considered probable in future
years. Any amount so allocated in a prior year must either be reserved in the
fiscal year in which the loss had been anticipated if the loss does not occur as
projected or be written off in the event that the anticipated loss
occurs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax Incentive Reserve. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our
shareholders in a shareholders&#8217; meeting may, following a management&#8217;s proposal,
allocate to a tax incentive reserve the portion of our &#8220;net profits&#8221; resulting
from donations or governmental grants for investments, which may be excluded
from the taxable basis of the Mandatory Dividend. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Unrealized Profits Reserve</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Under
Brazilian Corporate Law, the amount by which the Mandatory Dividend exceeds our
realized net profits in a given fiscal year may be allocated to an unrealized
profits reserve. Brazilian Corporate Law defines &#8220;realized net profits&#8221; for the
period as the amount by which our &#8220;net profits&#8221; exceeds the sum of (i) positive
equity net results and (ii) the net profits, gains or returns that will be
realized after the end of the subsequent fiscal year. &#8220;Net profits&#8221; allocated to
the unrealized profits reserve must be added to the next Mandatory Dividend
distribution after those profits have been realized, if they have not been used
to absorb losses in subsequent periods.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Retained Earnings Reserve</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. Under
Brazilian Corporate Law, our shareholders may decide at a general shareholders&#8217;
meeting to retain a portion of our net profits as provided for in a previously
approved capital expenditure budget. No allocation of net profits may be made to
the retained earnings reserve in case such allocation affects payment of the
Mandatory Dividend.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The balance of our profit reserves, except those for
contingencies, tax incentives and unrealized profits, shall not be greater than
our capital stock. If such reserves reach this limit, the manner in which such
surplus is used will be decided at a shareholders&#8217; meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For purposes of determining reserve amounts, the
calculation of &#8220;net profits&#8221; and allocations to reserves for any fiscal year are
determined on the basis of financial statements prepared in accordance with
Brazilian Corporate Law. The consolidated financial statements included herein
have been prepared in accordance with IFRS and, although our allocations to
reserves and dividends will be reflected in the financial statements, investors
will not be able to calculate the allocations or required dividend amounts from
the consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital Reserve. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under
Brazilian Corporate Law, the capital reserve consists of premiums from the
issuance of shares, goodwill reserves from mergers, sales of founders' shares,
and sales of warrants. Amounts allocated to our capital reserve are not taken
into consideration for purposes of determining Mandatory Dividends. Our capital
stock is not currently represented by founders' shares. In our case, any amounts
allocated to the capital reserve may only be used to increase our capital stock,
to absorb losses that surpass accumulated profits and profit reserves, or to
redeem, reimburse or purchase shares.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mandatory Dividend</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under our bylaws, we are required to distribute to
shareholders as dividends in respect of each fiscal year ending on December 31,
to the extent profits are available for distribution, an amount equal to at
least 25% of our adjusted profits (the &#8220;Mandatory Dividend&#8221;) in any particular
year, which amount shall include any interest paid on capital during that year.
See &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below. In addition to the
Mandatory Dividend, our Board of Directors may recommend that shareholders
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">receive an additional payment of dividends from other
funds legally available. Any payment of interim dividends may be netted against
the amount of the Mandatory Dividend for that fiscal year. Under Brazilian
Corporate Law, if the Board of Directors determines prior to the Annual
Shareholders&#8217; Meeting that payment of the Mandatory Dividend for the preceding
fiscal year would be inadvisable in view of our financial condition, the
Mandatory Dividend does not need to be paid. That type of determination must be
reviewed by the Fiscal Committee, if one exists, and reported, together with the
appropriate explanations, to the shareholders and to the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">,
or CVM. Mandatory dividends not distributed as described above shall be
registered as a special reserve and, if not absorbed by losses in subsequent
fiscal years, shall be paid as a dividend as soon as our financial condition
allows for it.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Payment of
Dividends</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are required to hold Annual Shareholders&#8217; Meetings
within the first four months after the end of our fiscal year at which an annual
dividend may be declared. Additionally, our Board of Directors may declare
interim dividends. Under Brazilian Corporate Law, dividends are generally
required to be paid to the holder of record on a dividend declaration date
within 60 days following the date the dividend was declared, unless a
shareholders&#8217; resolution sets forth another date of payment, which, in either
case, must occur prior to the end of the fiscal year in which the dividend was
declared. A shareholder has a three-year period from the dividend payment date
to claim dividends (or interest on shareholders&#8217; equity as described under
&#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below) in respect of its shares,
after which we will no longer be liable for the dividend payments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our payments of cash distributions on common shares
underlying the ADSs will be made in Brazilian currency to our ADR custodian on
behalf of our ADR depositary. Our ADR custodian will then convert the proceeds
into U.S. dollars and will cause the U.S. dollars to be delivered to our ADR
depositary for distribution to holders of ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additional
Payments on Shareholders&#8217; Equity</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazilian companies have been permitted to pay interest
on shareholders&#8217; equity to holders of equity securities and to treat those
payments as a deductible expense for Brazilian income tax purposes. The amount
of interest payable on capital is calculated based on the TJLP &#8211; Long Term
Interest Rate, as determined by the Central Bank, and applied to each
shareholder&#8217;s portion of net equity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The TJLP is determined by the Central Bank on a quarterly
basis. The TJLP is based on the annual profitability average of Brazilian public
internal and external debt. The TJLP rate for 2016 was 7.5%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Interest on shareholders&#8217; equity is deductible up to the
greater of the following amounts: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(i) 50% of the net income (before taking into account the
amounts attributable to shareholders as interest on shareholders' equity and the
provision of corporate income tax but after the deduction of the provision of
the social contribution on net profits) related to the period in respect of
which the payment is made; or (ii) 50% of the sum of retained profits and
profits reserves as of the date of the beginning of the fiscal year in respect
of which the payment is made</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635077></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">8B.
Significant Changes</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635078></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 9. The
Offer and Listing</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635079></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9A. Offer
and Listing Details&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our capital stock is comprised of common shares without
par value (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a&#231;&#245;es
ordin&#225;rias</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">). On
January&nbsp;22, 2008, our shareholders approved a one-for-three split of our
common shares. As a result of this stock split, each common share of our capital
stock as of January&nbsp;22, 2008 became represented by three common shares
after the split. The same ratio of one common share for each ADS was
maintained.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On March&nbsp;25, 2010, our shareholders approved a
two-for-one split of our common shares. As a result of this stock split, each
common share of our capital stock as of March&nbsp;25, 2010 became represented
by two common shares after the split. The same ratio of one common share for
each ADS was maintained. See &#8220;Item 10.B. Memorandum and Articles of
Association.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">123</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_124></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth information concerning the
high and low closing sale prices and the average daily trading volume of our
common shares on the B3 (per common share) and the ADSs on the NYSE for the
periods indicated:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15.75pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Common Shares</FONT></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">American Depositary Shares</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">US$per Share<SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Volume</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">US$per ADS</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> &nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Volume</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> &nbsp;</FONT></P></TD></TR>
  <TR style="HEIGHT: 22.5pt">
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> &nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">thousands)&nbsp;</FONT></I></B></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> &nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> &nbsp;</FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">thousands)&nbsp;</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2011</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black 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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year end</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">12.99</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.52</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3,460</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">13.37</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.62</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4,828</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2012</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black 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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year End</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">8.28</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.65</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4,880</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">8.36</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.67</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,131</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2013</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black 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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year End</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.51</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.05</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">7,118</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.64</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.07</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,225</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2014</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black 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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">First quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.46</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.37</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,481</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.59</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.39</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,057</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Second quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4.11</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.54</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,764</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4.17</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.59</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3,925</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Third quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4.88</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.28</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,715</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4.88</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.31</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,515</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Fourth quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.47</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.58</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,146</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.49</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.55</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,299</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year End</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.46</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.58</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,023</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5.59</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.55</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,185</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2015</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">First quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.05</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.49</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,003</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.02</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.45</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,941</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Second quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.96</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.66</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">5,139</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.89</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.65</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3,003</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Third quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.63</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.78</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,847</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.61</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.77</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3,771</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Fourth quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.63</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.92</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">7,273</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.58</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.94</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1,521</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year End</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.96</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.78</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,318</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.89</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.77</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,372</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2016</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">First quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.27</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.78</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">7,251</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.27</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.73</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1,774</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Second quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.85</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.76</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">9,602</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.78</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">1.79</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,662</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Third quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.51</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.44</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">7,943</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.49</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.40</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,039</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Fourth quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.93</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.90</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">6,461</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.91</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.76</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,769</FONT></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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Year End</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.93</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.78</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">7,833</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.91</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">0.73</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,311</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2017</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>&nbsp;</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">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">First quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">4.13</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2</FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">.91</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">4,611</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">4.11</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2.92</FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2,285</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">Second
      quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2.98</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">1.80</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">7,185</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2.99</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">1.77</FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">2,333</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Third quarter</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.59</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.13</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">8,311</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3.54</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.09</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2,684</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">Month ended:</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16.5pt">
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" face="times new roman">November, 30</FONT></B></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.57</FONT></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.24</FONT></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">11,079</FONT></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.53</FONT></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">2.22</FONT></P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">3,267</FONT></P></TD></TR>
  <TR style="HEIGHT: 3pt">
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 35.25pt">
    <TD style="HEIGHT: 35.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=13>
      <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">(1) U.S. dollar amounts have been translated from
      </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> at the exchange rates in effect on the respective
      dates of the quotations for the common shares set forth above. These U.S.
      dollar amounts may reflect exchange rate fluctuations and may not
      correspond to changes in nominal </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: 115%" color=black face="times new roman"> prices over
time.</FONT></P></TD></TR></TABLE></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">124</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_125></A>
<a name="_bclPageBorder125"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of November 30, 2017, the closing sale price
(i)&nbsp;per common share on the B3 was of R$7.36 and (ii)&nbsp;per ADS on the
NYSE was of US$2.22. The ADSs are issued under a deposit agreement and JP Morgan
Bank</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">serves as
depositary under that agreement.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December&nbsp;31, 2016, approximately 323,547
million, or approximately 23.3%, of our outstanding common shares were held
through ADSs. Substantially all of these ADSs were held of record by The
Depository Trust Company. In addition, our records indicate that on that date
there were approximately 109 record holders (other than our ADR depositary) with
addresses in the U.S., holding an aggregate of approximately 44&nbsp;million
common shares, representing 13.7% of our outstanding common shares.<A name=_Toc384635080></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9B. Plan of
Distribution</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.<A name=_Toc384635081></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9C.
Regulation of Securities Markets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The principal trading market for our common shares is the
B3. Our ADSs trade on the NYSE under the symbol &#8220;SID.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trading on
the B3 and NYSE</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CSN shares traded in the market are comprised of ordinary
shares without nominal value. Ordinary shares are traded on the Brazilian Stock
Exchange, the B3, under the code CSNA3. Our ADSs, each one representing an
ordinary share, are traded on the New York Stock Exchange, NYSE, under the code
SID. </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2000, the B3 was reorganized through the execution of
a memoranda of understanding by the Brazilian stock exchanges. Under the
memoranda, all securities in Brazil are now traded only on the B3. When
shareholders trade in common and preferred shares on the B3, the trade is
settled in three business days after the trade date without adjustment of the
purchase price for inflation. The seller is ordinarily required to deliver the
shares to the exchange on the third business day following the trade date.
Delivery of and payment for shares are made through the facilities of the B3&#8217;s
clearinghouse.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The B3 is significantly less liquid than the NYSE or
other major exchanges in the world. As of December 2016, the aggregate market
capitalization of the B3 was equivalent to R$2.36 trillion (or US$755 billion).
In contrast, as of December 2015, the aggregate market capitalization of the
NYSE was US$490 billion. The average daily trading volume of the B3 for 2016 was
of approximately R$7.4 billion (or US$2.15 billion). Although any of the
outstanding shares of a listed company may trade on the B3, in most cases fewer
than half of the listed shares are actually available for trading by the public,
since the remaining shares are generally being held by small groups of
controlling persons, by government entities or by one principal shareholder. See
&#8220;Item 3. Risk Factors&#8212;Risks Relating to the ADSs and Our Common Shares&#8212; The
relative volatility and illiquidity of the Brazilian securities markets may
substantially limit your ability to sell the common shares underlying the ADSs
at the price and time you desire&#8221;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">125</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_126></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2016, we accounted for approximately
0.6% of the market capitalization of all listed companies on the B3.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table reflects the fluctuations in the
Ibovespa index during the periods indicated:</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ibovespa Index</FONT></B></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">High&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Low&nbsp;&nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Close&nbsp;&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2010&nbsp;</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">72,995</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">58,192</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">69,304</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">71,632</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">48,668</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">56,754</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2012</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">68,394</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">52,481</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">60,952</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2013</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">63,472</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">44,816</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">51,507</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">62,304</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">44,904</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">50,007</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">58,574</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">42,749</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">44,014</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">64,925</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">37,497</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">60,227</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2017
      (ended November 30)</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">76,990</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">59,589</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">71,971</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The IBOVESPA index closed at 71,971 on November&nbsp;30,
2017. Trading on the B3 by nonresidents of Brazil is subject to certain
limitations under Brazilian foreign investment legislation. See &#8220;Item 10D.
Exchange Controls.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulation
of the Brazilian Securities Markets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian securities markets are regulated by CVM,
which has authority over stock exchanges and the securities markets in general,
and by the Central Bank, which has, among other powers, licensing authority over
brokerage firms and regulates foreign investment and foreign exchange
transactions. The Brazilian securities market is governed by Law No. 6,385,
dated December 7, 1976, as amended, or the Brazilian Securities Law, Brazilian
Corporate Law and regulations issued by CVM.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Brazilian Corporate Law, a company is either
public, a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">companhia
aberta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, such as CSN, or private, a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">companhia
fechada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. All public companies are registered with CVM and are
subject to reporting and regulatory requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trading in securities on the B3 may be suspended at the
request of a company in anticipation of a material announcement. The company
should also suspend its trading on international stock exchanges where its
securities are traded. Trading may also be suspended on the initiative of the B3
or CVM, among other reasons, based on or due to a belief that a company has
provided inadequate information regarding a material event or has provided
inadequate responses to the inquires by CVM or the B3.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Brazilian Securities Law and the regulations issued
by CVM provide for, among other things, disclosure requirements, restrictions on
insider trading and price manipulation, as well as protection of minority
shareholders. However, the Brazilian securities markets are not as highly
regulated and supervised as the United States securities markets or markets in
certain other jurisdictions. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Disclosure
Requirements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to Law No 6,385, dated December 7, 1976, a
publicly held company must submit to CVM and the B3 certain periodic
information, including annual and quarterly reports prepared by management and
independent auditors. This legislation also requires companies to file with CVM
shareholder agreements, notices of shareholders&#8217; meetings and copies of the
related minutes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to CVM Resolution No. 358, of January 3, 2002,
as recently modified by CVM Instruction No. 565, of June 15, 2015, CVM revised
and consolidated the requirements regarding the disclosure and use of
information related to material facts and acts of publicly held companies,
including the disclosure of information in the trading and acquisition of
securities issued by publicly held companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT>
<a name="page_127"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">126</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_127></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Such requirements include provisions that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Establish the concept of a material fact that gives rise
to reporting requirements. Material facts include decisions made by the
controlling shareholders, resolutions of the shareholders </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">at a shareholders&#8217; meeting and of management of the
company, or any other facts related to a company&#8217;s business (whether occurring
within the company or otherwise somehow related thereto) that may influence the
price of its publicly traded securities, or the decision of investors to trade
such securities or to exercise any of such securities&#8217; underlying
rights;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Specify examples of facts that are considered to be
material, which include, among others, the execution of agreements providing for
the transfer of control of the company, the entry or withdrawal of shareholders
that maintain any managing, financial, technological or administrative function
with or contribution to the company, and any corporate restructuring undertaken
among related companies;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Oblige the investor relations officer, controlling
shareholders, other officers, directors, members of the audit committee and
other advisory boards to disclose material facts;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Require simultaneous disclosure of material facts to all
markets in which the corporation&#8217;s securities are admitted for
trading;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Require the acquirer of a controlling stake in a
corporation to disclose material facts, including its intentions as to whether
or not to de-list the corporation&#8217;s shares within one year from the acquisition
of such controlling stake;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Establish rules regarding disclosure requirements in the
acquisition and disposal of a material ownership interest; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Forbid trading on the basis of material non-public
information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to CVM Rule No. 480, dated December&nbsp;7,
2009, as amended (&#8220;CVM Rule No. 480&#8221;), CVM expanded the quantity and improved
the quality of information reported by issuers in Brazil. This Rule represents a
significant step forward in providing the market with greater transparency over
securities issuers and provides for issuers to file annually a comprehensive and
opinative reference form (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Formul&#225;rio
de Refer&#234;ncia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">).The
reference form (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Formul&#225;rio
de Refer&#234;ncia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) is in line
with the Shelf Registration System recommended by the International Organization
Securities Commission (IOSCO)&nbsp;and adopted in other countries (England and
the United States, among others), by means of which the information regarding an
specific issuer is consolidated into one document and is subject to periodic
update (the &#8220;Shelf Document&#8221;). This mechanism offers the investor the
possibility to analyze one single document for relevant information about the
issuer.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CVM has also enacted Rule No. 481, dated
December&nbsp;17, 2009, as amended (&#8220;CVM Rule No. 481&#8221;), to regulate two key
issues involving general meetings of shareholders in publicly held companies:
(i)&nbsp;the extent of information and documents to be provided in support of
call notices (subject to prior disclosure to shareholders); and (ii)&nbsp;proxy
solicitation for exercise of voting rights.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CVM Rule No. 481 is intended to (i)&nbsp;improve the
quality of information disclosed by publicly held companies to shareholders and
to the market in general, favoring the use of Internet as a vehicle to that end;
(ii)&nbsp;make the exercise of voting rights less costly and foster the
participation of shareholders in general meetings, especially for companies with
widely dispersed capital; and, consequently (iii)&nbsp;facilitate the oversight
of corporate businesses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635082></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9D. Selling
Shareholders</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9E. Dilution</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">9F. Expenses
of the Issue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.<A name=_Toc384635083></A><A name=_Toc384635084></A><A name=_Toc384635085></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 10.
Additional Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635086></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10A. Share
Capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635087></A></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">127</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10B. Memorandum and Articles of
Association</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Registration
and Corporate Purpose</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are registered with the Department of Trade
Registration under number 15,910. Our corporate purpose, as set forth in Article
2 of our bylaws, is to manufacture, transform, market, import and export steel
products and steel derived by-products, as well as to explore other activities
that are directly or indirectly related to our corporate purpose, including:
mining, cement and carbochemical business activities, the manufacture and
assembly of metallic structures, construction, transportation, navigation and
port activities; the generation, management and commercialization of energy in
different forms and ways; and the participation in the capital of other national
or international company implemented under any corporate form.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directors&#8217;
Powers</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to our bylaws, a director may not vote on a
proposal, arrangement or contract in which the director&#8217;s interests conflict
with our interests. In addition, our shareholders must approve the compensation
of our management and, in case a global amount is fixed, our Board of Directors
is responsible for allocating individual amounts of management compensation.
There is no mandatory retirement age for our directors. A detailed description
of the general duties and powers of our Board of Directors may be found in &#8220;Item
6A. Directors and Senior Management.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Description
of Capital Stock</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Set forth below is certain information concerning our
capital stock and a brief summary of certain significant provisions of our
bylaws and Brazilian Corporate Law applicable to our capital stock. This
description does not purport to be complete and is qualified by reference to our
bylaws and to Brazilian law. For further information, see our
bylaws.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital
Stock</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 31, 2016, our capital stock was composed of
1,387,524,047 common shares. Our bylaws authorize the Board of Directors to
increase the capital stock up to 2,400,000,000 common shares without an
amendment to our bylaws. There are currently no classes or series of preferred
shares issued or outstanding. We may purchase our own shares for purposes of
cancellation or to hold them in treasury subject to certain limits and
conditions established by the CVM and Brazilian Corporate Law. See &#8220;Item 16E.
Purchases of Equity Securities by the Issuer and Affiliated
Purchasers.&#8221;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Liability for Further Capital Calls</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Brazilian Corporate Law, a shareholder&#8217;s
liability is generally limited to the issue price of the subscribed or purchased
shares. There is no obligation of a shareholder to participate in additional
capital calls.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Voting Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Each common share entitles the holder to one vote at our
shareholders&#8217; meetings. According to CVM regulations, shareholders that
represent at least 5% of our common shares may request cumulative voting in an
election of our Board of Directors. Pursuant to Brazilian Corporate Law,
shareholders holding at least 15% of our common shares have the right to appoint
a member of our Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; Meetings</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Brazilian Corporate Law, the shareholders
present at an annual or extraordinary shareholders&#8217; meeting, convened and held
in accordance with Brazilian Corporate Law and our bylaws are empowered to
decide all matters relating to our corporate purpose and to pass any resolutions
they deem necessary for our protection and well-being.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to participate in a shareholders&#8217; meeting, a
shareholder must be a record owner of the share on the day the meeting is held,
and may be represented by a proxy.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; meetings are called, convened and presided
over by the Chairman of our Board of Directors or, in his absence, by whom he
appoints. Brazilian Corporate Law requires that our shareholders&#8217; meeting be
convened by publication of a notice in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Di&#225;rio
Oficial do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, the
official government publication of the State of S&#227;o Paulo, and in a newspaper of
general circulation in Brazil and in the city in which our principal place of
business is located, currently the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Jornal Folha
de S&#227;o Paulo &#8211; Edi&#231;&#227;o Regional</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, at least
15 days prior to the scheduled meeting date and no fewer than three times. Both
notices must contain the agenda for the meeting and, in the case of an amendment
to our bylaws, an indication of the subject matter.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order for a shareholders&#8217; meeting to be held,
shareholders representing a quorum of at least one-fourth of the voting capital
must be present, except for meetings convened to amend our bylaws, where
shareholders representing at least two-thirds of the voting capital must be
present. A shareholder may be represented at a shareholders&#8217; meeting by means of
a proxy, appointed not more than one year before the meeting, who must be either
a shareholder, a company officer or a lawyer. For public companies, such as we
are, the proxy may also be a financial institution. If no quorum is present,
notice must be given in the manner described above, no fewer than eight days
prior to the scheduled meeting date. On second notice, the meeting may be
convened without a specific quorum requirement, subject to the minimum quorum
and voting requirements for certain matters, as described below. A holder of
shares with no voting rights may attend a shareholders&#8217; meeting and take part in
the discussion of matters submitted for consideration.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Except as otherwise provided by law, resolutions passed
at a shareholders&#8217; meeting require a simple majority vote, abstentions not
considered. Pursuant to Brazilian Corporate Law, the approval of shareholders
representing at least one-half of the issued and outstanding voting shares is
required for the following actions: (i) to create a new class of preferred
shares or disproportionately increase an existing class of preferred shares
relative to the other classes of preferred shares, to change a priority,
preference, right, privilege or condition of redemption or amortization of any
class of preferred shares or to create any class of non-voting preferred shares
that has a priority, preference, right, condition or redemption or amortization
superior to an existing class of shares (in these cases, a majority of the
issued and outstanding shares of the affected class is also required); (ii) to
reduce the Mandatory Dividend; (iii) to change our corporate purpose; (iv) to
merge into or consolidate with another company or to spin-off our assets; (v) to
dissolve or liquidate our Company; (vi) to cancel any liquidation procedure;
(vii) to authorize the issuance of founders&#8217; shares; and (viii) to participate
in a centralized group of companies as defined under Brazilian Corporate
Law.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Brazilian Corporate Law, shareholders voting
at a shareholders&#8217; meeting have the power to: (i) amend our bylaws;
(ii)&nbsp;elect or dismiss members of our Board of Directors (and members of the
Fiscal Committee) at any time; (iii)&nbsp;receive and approve the annual
management accounts, including the allocation of net profits and payment of the
mandatory dividends and allocation to the various reserve accounts;
(iv)&nbsp;authorize the issuance of debentures in general; (v)&nbsp;suspend the
rights of a shareholder who has violated Brazilian Corporate Law or our bylaws;
(vi)&nbsp;accept or reject the valuation of assets contributed by a shareholder
in consideration of the subscription of shares in our capital stock;
(vii)&nbsp;authorize the issuance of founders&#8217; shares; (viii)&nbsp;pass
resolutions authorizing reorganization of our legal form, a merger,
consolidation or split of the company, dissolution and liquidation of the
company, election and dismissal of our liquidators and to examine their
accounts; and (ix)&nbsp;authorize management to declare the company insolvent
and to request a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">recupera&#231;&#227;o
judicial</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">recupera&#231;&#227;o
extrajudicial</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (a
procedure involving protection from creditors similar in nature to a
reorganization under the U.S. Bankruptcy Code), among others.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Redemption
Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our common shares are not redeemable, except that a
dissenting and adversely affected shareholder is entitled, under Brazilian
Corporate Law, to obtain redemption upon a decision made at a shareholders&#8217;
meeting by shareholders representing at least one-half of the issued and
outstanding voting shares to: (i)&nbsp;create a new class of preferred shares or
to disproportionately increase an existing class of preferred shares relative to
the other classes of preferred shares (unless these actions are provided for or
authorized by our bylaws); (ii)&nbsp;modify a preference, privilege or condition
of redemption or amortization conferred on one or more classes of preferred
shares, or to create a new class with greater privileges than an existing class
of preferred shares; (iii)&nbsp;reduce the mandatory distribution of dividends;
(iv)&nbsp;change our corporate purpose; (v)&nbsp;merge us with another company
or consolidate us; (vi)&nbsp;transfer all of our shares to another company in
order to make us a wholly-owned subsidiary of that company (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">incorpora&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">);
(vii)&nbsp;approve </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the
acquisition of control of another company at a price that exceeds certain limits
set forth under Brazilian Corporate Law; (viii)&nbsp;approve our participation
in a centralized group of companies as defined under Brazilian Corporate Law;
(ix)&nbsp;conduct a spin-off that results in (a)&nbsp;a change of corporate
purpose, (b)&nbsp;a reduction of the Mandatory Dividend or (c)&nbsp;any
participation in a group of companies as defined under Brazilian Corporate Law;
or (x)&nbsp;in the event that the entity resulting from (a)&nbsp;a merger or
consolidation, (b)&nbsp;an </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">incorpora&#231;&#227;o&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">as described
above or (c)&nbsp;a spin-off of a listed company fails to become a listed
company within 120&nbsp;days of the shareholders&#8217; meeting at which the decision
was taken. The right of redemption lapses 30&nbsp;days after publication of the
minutes of the relevant shareholders&#8217; meeting. We would be entitled to
reconsider any action giving rise to redemption rights within 10&nbsp;days
following the expiration of those rights, if the redemption of shares of
dissenting shareholders would jeopardize our financial stability. Law No. 9,457,
dated May&nbsp;5, 1997, which amended Brazilian Corporate Law, contains
provisions which, among others, restrict redemption rights in certain cases and
allow companies to redeem their shares at their market value, subject to certain
requirements. According to Brazilian Corporate Law, the reimbursement value of
the common shares must equal the book value, which is determined by dividing our
net assets by the total number of shares issued by us, excluding treasury shares
(if any).</FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Preemptive
Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Except as provided for in Brazilian Corporate Law (such
as in the case of mergers and public offerings), our bylaws allow each of our
shareholders a general preemptive right to subscribe to shares in any capital
increase, in proportion to his or her ownership interest. A minimum period of
30&nbsp;days following the publication of notice of a capital increase is
allowed for the exercise of the right and the right is transferable. In the
event of a capital increase that would maintain or increase the proportion of
capital represented by common shares, holders of ADSs will have preemptive
rights to subscribe only to newly issued common shares. In the event of a
capital increase that would reduce the proportion of capital represented by
common shares, holders of ADSs will have preemptive rights to subscribe for
common shares, in proportion to their ownership interest, only to the extent
necessary to prevent dilution of their interest in us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Form and
Transfer</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As our common shares are in registered form, the transfer
of shares is governed by the rules of Article 31, paragraph 3, of Brazilian
Corporate Law, which provides that a transfer of shares is effected by a
transfer recorded in a company&#8217;s share transfer records upon presentation of
valid share transfer instructions to the company by a transferor or its
representative. When common shares are acquired or sold on a Brazilian stock
exchange, the transfer is effected on our records by a representative of a
brokerage firm or the stock exchange&#8217;s clearing system. Transfers of shares by a
non-Brazilian shareholder are made in the same way and are executed by such
shareholders&#8217; local agent.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The B3 operates a central clearing system. A holder of
our common shares may choose, at its discretion, to participate in this system
and, in that case, all shares elected to be put into this system will be
deposited in the custody of the B3 (through a Brazilian institution duly
authorized to operate by the Central Bank and having a clearing account with the
B3). The fact that those common shares are held in the custody of the B3 will be
reflected in our register of shareholders. Each participating shareholder will,
in turn, be registered in our register of beneficial shareholders maintained by
the B3 and will be treated in the same way as registered
shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Limitations
on Ownership and Voting Rights by non-Brazilians Shareholders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are no restrictions on ownership or voting of our
common shares by individuals or legal entities domiciled outside Brazil.
However, the right to convert dividend payments and proceeds from the sale of
common shares into foreign currency and to remit those amounts outside Brazil is
subject to exchange control restrictions and foreign investment legislation
which generally require, among other things, obtaining a Certificate of
Registration under the Brazilian National Monetary Council&#8217;s Resolution No.
2,689 or its direct foreign investment regulations. See &#8220;Item 10D. Exchange
Controls.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Share
Ownership Disclosure</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are no provisions in our bylaws governing the
ownership threshold above which shareholder ownership must be disclosed. CVM
regulations require the disclosure of (i) the acquisition of 5% of any
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">class of capital stock of a listed company and any
subsequent direct or indirect acquisition or disposition of at least 5% of any
such class of capital stock, (ii) acquisition of control of a listed company and
(iii) the ownership of shares of capital stock of a listed company by members of
such company&#8217;s Board of Executive Officers, Board of Directors, Audit Committee,
Fiscal Committee (if any) and any other consulting or technical body (if any)
and certain relatives of those persons.</FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635088></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10C.
Material Contracts&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;None.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635089></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10D.
Exchange Controls</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are no restrictions on ownership or voting of our
common shares by individuals or legal entities domiciled outside Brazil.
However, the right to convert dividend payments and proceeds from the sale of
common shares into foreign currency and to remit those amounts outside Brazil is
subject to exchange control restrictions and foreign investment legislation
which generally require, among other things, obtaining a Certificate of
Registration under the Brazilian National Monetary Council&#8217;s Resolution No.
2,689, dated March&nbsp;31, 2000, or its direct foreign investment regulations.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No. 2,689, dated March&nbsp;31, 2000,
introduced new rules to facilitate foreign investment in Brazil. The principal
changes for foreign investors entering the Brazilian market include:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the removal of restrictions on investments by portfolio
composition (e.g., equities, fixed income and derivatives); and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">permission for foreign individuals and corporations to
invest in the Brazilian market, in addition to foreign institutional
investors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prior to Resolution No. 2,689, foreign investors had to
leave and reenter the country in order to switch their investments from equity
to fixed income. Now foreign investors can freely switch their investments
without leaving the local market. Foreign investors registered with the CVM and
acting through authorized custody accounts and a legal representative may buy
and sell any local financial product traded on the local exchanges and
registered on the local clearing systems, including shares on the B3, without
obtaining separate Certificates of Registration for each transaction. Pursuant
to Resolution No. 2,689, as amended, investors are also generally entitled to
favorable tax treatment. See &#8220;Item 10E. Taxation&#8212;Brazilian Tax
Considerations.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A
Certificate of Registration has been issued in the name of JP Morgan Chase Bank
N.A., as our ADR depositary, and is maintained by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ita&#250;
Corretora de Valores S.A</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">., our ADR
custodian, on behalf of our ADR depositary. Pursuant to the Certificate, our ADR
custodian and our ADR depositary are able to convert dividends and other
distributions with respect to the common shares represented by ADSs into foreign
currency and remit the proceeds outside Brazil. In the event that a holder of
ADSs surrenders its ADSs for common shares, that holder will be entitled to
continue to rely on our ADR depositary&#8217;s Certificate of Registration for only
five business days after the surrender, following which the holder must obtain
its own Certificate of Registration. Thereafter, unless the common shares are
held pursuant to Resolution No. 2,689 or direct foreign investment regulations,
the holder may not be able to convert into foreign currency and remit outside
Brazil the proceeds from the disposition of, or distributions with respect to,
those common shares, and the holder generally will be subject to less favorable
Brazilian tax treatment than a holder of ADSs. See &#8220;Item 10E. Taxation&#8212;Brazilian
Tax Considerations.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A
non-Brazilian holder of common shares may experience delays in obtaining a
Certificate of Registration, which may delay remittances abroad. This kind of
delay may adversely affect the amount, in U.S. dollars, received by the
non-Brazilian holder.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under current Brazilian legislation, the Brazilian
government may impose temporary restrictions on remittances of foreign capital
abroad in the event of a serious imbalance or an anticipated serious imbalance
of Brazil&#8217;s balance of payments. For approximately nine months in 1989 and early
1990, the Brazilian government froze all dividend and capital repatriations held
by the Central Bank that were owed to foreign equity investors in order to
conserve Brazil&#8217;s foreign currency reserves. These amounts were subsequently
released in accordance with Brazilian government directives. See &#8220;Item 3D. Risk
Factors&#8212;Risks Relating to our Common Shares and ADSs&#8212;If you surrender your ADSs
and withdraw common shares, you risk losing the ability to remit foreign
currency abroad and certain Brazilian tax advantages.&#8221;</FONT></P>
<DIV></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For a description of the foreign exchange markets in
Brazil, see &#8220;Item 3A. Selected Financial Data&#8212; Exchange Rates.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10E.
Taxation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following is a summary of certain U.S. federal income
and Brazilian tax consequences of the acquisition, ownership and disposition of
our common shares or ADSs by an investor that holds such common shares or ADSs.
This summary does not purport to address all material tax consequences of the
acquisition, ownership and disposition of our common shares or ADSs, does not
take into account the specific circumstances of any particular investor and does
not address certain investors that may be subject to special tax
rules.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This summary is based on the tax laws of the United
States (including the Internal Revenue Code of 1986, as amended, or the Code,
its legislative history, existing and proposed Treasury regulations thereunder,
published rulings and court decisions) and Brazil, as in effect on the date
hereof, which are subject to change (or changes in interpretation), possibly
with retroactive effect. In addition, this summary is based in part upon the
representations of our ADSs depositary and the assumption that each obligation
in our deposit agreement and any related agreement will be performed in
accordance with its terms.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Although there is, at present, no income tax treaty
between Brazil and the United States, the tax authorities of the two countries
have had discussions that may result in such a treaty. Both countries have been
accepting the offset of income taxes paid in one country against the income tax
due in the other based on reciprocity. No assurance can be given, however, as to
whether or when an income tax treaty will enter into force or how it will affect
the U.S. Holders, as defined below, of our common shares or ADSs.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This discussion does not address any aspects of U.S.
taxation (such as estate tax, gift tax and Medicare tax on net investment
income) other than federal income taxation or any aspects of Brazilian taxation
other than income, gift, inheritance and capital taxation. Prospective investors
are urged to consult their own tax advisors regarding the Brazilian and U.S.
federal, state and local tax consequences of the acquisition, ownership and
disposition of our common shares and ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Brazilian
Tax Considerations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following discussion summarizes the principal
Brazilian tax consequences of the acquisition, ownership and disposition of
common shares or ADSs by a holder that is not domiciled in Brazil for purposes
of Brazilian taxation (&#8221;Non-Resident Holder&#8221;). It is based on Brazilian law as
currently in effect. Any change in such law may change the consequences
described below, possibly with retroactive effect. This discussion does not
specifically address all of the Brazilian tax considerations applicable to any
particular Non-Resident Holder. Each Non-Resident Holder of common shares or
ADSs should consult their own tax advisor concerning the Brazilian tax
consequences of an investment in our common shares or ADSs.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A Non-Resident Holder of ADSs may withdraw them in
exchange for common shares in Brazil. Pursuant to Brazilian law, the
Non-Resident Holder may invest in common shares under Resolution 4,373, of
September&nbsp;2014, of the National Monetary Council (a &#8220;4,373 Holder,&#8221;
formerly referred to as a &#8220;2,689 Holder&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxation of
Dividends and Interest on Shareholders Equity</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dividends, including stock dividends and other dividends,
paid by us (i)&nbsp;to our ADSs depositary in respect of the common shares
underlying the ADSs or (ii)&nbsp;to a Non-Resident Holder in respect of common
shares, are currently not subject to Brazilian withholding income tax, as far as
such amounts are related to profits generated on or after January&nbsp;1, 1996.
Dividends relating to profits generated prior to January&nbsp;1, 1996 may be
subject to Brazilian withholding income tax at varying rates, depending on the
year such profits have been generated, but CSN does not have any profits
generated prior to January 1, 1996.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">132</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_133></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">It is important to note that as from January
1<SUP>st</SUP>, 2008, Brazil has adopted new GAAP, following IFRS standards. As
from such date, Brazilian income taxes were calculated under a temporary regime
called Transitional Tax Regime (RTT, in the Portuguese acronym).&nbsp; The goal
of such regime was to neutralize </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">the impacts on the calculation of the corporate income
tax in Brazil that could derive from the adoption of the new GAAP. Law 12.973
was then enacted in 2013, with the goal to adapt Brazilian tax legislation,
based on the new GAAP, eliminating the RTT. With the introduction of the new
rules, the law determined that, for fiscal year 2014, any dividends paid out of
accounting profits which, for any reason, would be higher than the &#8220;tax profits&#8221;
calculated according to the RTT, would be subject to withholding income tax in
Brazil. Nonetheless, CSN does not have relevant accounting adjustments which
could result in a lower &#8220;tax profit&#8221; as compared to the group&#8217;s accounting
profit, reason why no withholding income tax shall be levied on any future
distribution of dividends paid out of profits generated in 2014. As from fiscal
year 2015, since there is no &#8220;tax profit&#8221; under the RTT, no potential exposure
should exist, and the exemption for dividends is normally applicable
again.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Since 1996, Brazilian companies have been permitted to
pay limited amounts of interest on shareholders' equity to holders of equity
securities and to treat those payments as a deductible expense for purposes of
its Brazilian income tax and social contribution on net profits tax basis. For
tax purposes, this interest is limited to the daily pro rata variation of the
Brazilian government's Long-Term Interest Rate or TJLP, as determined by the
Central Bank from time to time, multiplied by the net equity value of the
Brazilian company, and the amount of the deduction may not exceed the greater of
(i) 50% of the net income (before taking into account the amounts attributable
to shareholders as interest on shareholders' equity and the provision of
corporate income tax but after the deduction of the provision of the social
contribution on net profits) related to the period in respect of which the
payment is made; or (ii) 50% of the sum of retained profits and profits reserves
as of the date of the beginning of the fiscal year in respect of which the
payment is made. Payments of interest on shareholders' equity are decided by the
shareholders on the basis of the recommendations of our Board of
Directors.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Payment of interest on shareholders' equity to a
Non-Resident Holder is subject to withholding income tax at the rate of 15%, or
25% if the Non-Resident Holder is domiciled in a tax haven.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">For this purpose, a &#8221;tax haven&#8221; or &#8221;low-tax regime&#8221; is a
country or location (1)&nbsp;that does not impose income tax, (2)&nbsp;where the
income tax rate is lower than 20% or (3)&nbsp;where the local legislation
imposes restrictions on disclosing the shareholding composition or ownership of
the investment (&#8221;Tax Haven Jurisdiction&#8221;). These payments of interest on
shareholders' equity may be included as part of any mandatory
dividend.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">No assurance can be given that our board of directors
will not recommend that future distributions of income should be made by means
of interest on shareholders' equity instead of dividends.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxation of
Gains</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Capital gains realized by Non-Resident Holders on the
disposition of common shares sold on the Brazilian stock exchange (which
includes the transactions carried out on the organized over-the-counter
market):</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">are exempt, when realized by a Non-Resident Holder that
(i)&nbsp;is a 4,373 Holder and (ii)&nbsp;is not resident or domiciled in a Tax
Haven Jurisdiction;</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">are subject to income tax at a rate of 15% in case of
gains realized by (A)&nbsp;a Non-Resident Holder that (i)&nbsp;is not a 4,373
Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction;
or (B)&nbsp;a Non-Resident Holder that (i)&nbsp;is a 4,373 Holder and
(ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction; and</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">are subject to income tax at a rate of 25% in case of
gains realized by a Non-Resident Holder that (i)&nbsp;is not a 4,373 Holder and
(ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As a general rule, capital gains realized as a result of
a disposition transaction are the positive difference between the amount
realized on the disposition of the common shares and the respective acquisition
cost.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">According to Law No. 10,833/03, the gains recognized on a
disposition of assets located in Brazil, such as our common shares, by a
Non-Resident Holder, are subject to withholding income tax in Brazil. This rule
is applicable regardless of whether the disposition is conducted in Brazil or
abroad and/or if the disposition is or is not made to an individual or entity
resident or domiciled in Brazil.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">133</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_134></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A withholding income tax of 0.005% will apply and can be
offset against any income tax due on the capital gain. Such withholding does not
apply to a 4,373 Holder that is not resident or domiciled in a Tax Haven
Jurisdiction.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Any other gains realized on the disposition of common
shares that are not carried out on the Brazilian stock exchange:</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">are subject to income tax at rates varying from 15% to
22.5%, depending on the total amount of gains within the same fiscal year (see
table below) when realized by any Non-Resident Holder that is not resident or
domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 4,373
Holder; and</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">are subject to income tax at a rate of 25% when realized
by a Non-Resident Holder that is resident or domiciled in a Tax Haven
Jurisdiction, whether or not such holder is a 4,373 Holder.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The capital gains rates described above, varying from 15%
to 22.5%, shall be determined according to the following table:</FONT></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 453.799pt; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Capital Gains Tax rate</FONT></B></P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="80%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Threshold (total gains on the sale of the same
      rights within a same fiscal year)</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">15%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="80%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total gains below BRL 5 million</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.5%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="80%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total gains above BRL 5 million, but below BRL 10
      million</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20%</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="80%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total gains above BRL 10 million, but below BRL 30
      million</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">22.5%</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="80%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total gains above BRL 30
  million</FONT></P></TD></TR></TABLE></DIV>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In the cases described above, if the gains are related to
transactions conducted on the Brazilian non-organized over-the-counter market
with intermediation, the withholding income tax of 0.005% will also apply and
can be offset against any income tax due on the capital gain.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Any exercise of preemptive rights relating to common
shares will not be subject to Brazilian withholding income tax. Gains realized
by a Non-Resident Holder on the disposition of preemptive rights will be subject
to Brazilian income tax according to the same rules applicable to disposition of
common shares.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In the case of a redemption of common shares or a capital
reduction, the positive difference between the amount received by the
Non-Resident Holder and the acquisition cost of the common shares redeemed
in&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;is treated as capital gain derived from the sale or
exchange of shares not carried out on a Brazilian stock exchange market and is
therefore subject to income tax at the rate of 15%, or 25%, as the case may
be.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sale of ADSs
by U.S. Holders to Other Non-Residents in Brazil</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As discussed above, pursuant to Law No. 10,833, the sale
of assets located in Brazil involving Non-Resident Holders is subject to
Brazilian withholding income tax. We believe that the ADSs do not fall within
the definition of assets located in Brazil for the purposes of Law No. 10,833,
and, thus, should not be subject to the Brazilian withholding tax. However, due
to the lack of any administrative or judicial guidance, there is no assurance
that such position would prevail.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gains on the
Exchange of ADSs for Common Shares</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The withdrawal of ADSs in exchange for common shares is
not subject to Brazilian income tax, assuming compliance with applicable
regulation regarding the registration of the investment with Central
Bank.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT>
<a name="page_135"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">134</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_135></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gains on the
Exchange of Common Shares for ADSs</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The deposit of common shares in exchange for the ADSs may
be subject to Brazilian withholding income tax on capital gains if the amount
previously registered with the Central Bank as a foreign </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">investment in common shares or, in the case of other
market investors under Resolution No. 4,373, the acquisition cost of the common
shares, as the case may be, is lower than:</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">the average price per common share on the Brazilian stock
exchange on which the greatest number of such common shares were sold on the day
of deposit; or</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">if no common shares were sold on that day, the average
price on the Brazilian stock exchange on which the greatest number of common
shares were sold during the 15 preceding trading sessions.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The difference between the amount previously registered,
or the acquisition cost, as the case may be, and the average price of the common
shares, calculated as set forth above, is considered a capital gain subject to
income tax at a rate of 15%, or 25% if the Non-Resident Holder is resident or
domiciled in a Tax Haven Jurisdiction.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax on
Financial Transactions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The Tax on Financial Transactions</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Imposto sobre Opera&#231;&#245;es de Cr&#233;dito, C&#226;mbio e Seguro ou
relativas a T&#237;tulos ou Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">), or &#8220;IOF,&#8221; is imposed on foreign exchange, securities,
credit and insurance transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">IOF on
Foreign Exchange Transactions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax on foreign exchange transactions, or &#8220;IOF/Exchange,&#8221;
may be levied on foreign exchange transactions (conversion of foreign currency
in&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;and conversion of&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;into foreign currency), affecting either or both
the inflow or outflow of investments. Currently, the general IOF/Exchange rate
applicable to foreign currency exchange transactions is 0.38%.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The Brazilian Government may increase the rate of the
IOF/Exchange to a maximum rate of 25% of the amount of the foreign exchange
transactions at any time, but such an increase will only apply in respect to
future foreign exchange transactions.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Currently, for most foreign exchange transactions related
to this type of investment, the IOF/Exchange rate is zero.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">IOF on Bonds and Securities
Transactions</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">IOF may also be levied on transactions involving bonds
and securities(&#8220;IOF/Securities&#8221;), including those carried out on a Brazilian
stock, futures or commodities exchanges. The rate of the IOF/Securities
applicable to most transactions involving common shares is currently zero
percent. The Brazilian Government may increase the rate of the IOF/Exchange up
to 1.5% per day at any time, but such an increase will only apply in respect of
future transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other
Brazilian Taxes</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">There are no Brazilian inheritance, gift or succession
taxes applicable to the ownership, transfer or disposition of common shares or
ADSs by a non-Brazilian holder, except for gift and inheritance taxes which are
levied by some states of Brazil on gifts made or inheritances bestowed by
individuals or entities not resident or domiciled in Brazil to individuals or
entities resident or domiciled within that state in Brazil. There are no
Brazilian stamp, issue, registration or similar taxes or duties payable by
holders of common shares or ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. Federal
Income Tax Considerations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The summary discussion below is applicable to you only if
you are a &#8220;U.S. Holder&#8221; or a &#8220;Non-U.S. Holder&#8221; (both as defined below) . This
summary is based upon the&nbsp;Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;), Treasury regulations, administrative pronouncements of the U.S.
Internal Revenue Service (the &#8220;IRS&#8221;) and judicial decisions, all as in effect on
the date hereof, and all of which are subject to change (possibly with
retroactive effect) and to differing interpretations.&nbsp; This summary does
not describe any implications under state, local or non-U.S. tax law, or any
aspect of U.S. federal tax law </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(such as the estate tax, gift tax, the alternative
minimum tax or the Medicare tax on net investment income) other than U.S.
federal income taxation.</FONT></P>
<DIV></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_136></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This summary does not purport to address all the material
U.S. federal income tax consequences that may be relevant to the holders of the
common shares or ADSs, and does not take into account the specific circumstances
of any particular investors, some of which (such as tax-exempt entities, banks
or other financial institutions, insurance companies, dealers in securities or
currencies, traders in securities that elect to use a mark-to-market method of
accounting for their securities holdings, regulated investment companies, real
estate investment trusts, investors liable for the alternative minimum tax,
partnerships and other pass-through entities, U.S. expatriates, investors that
own or are treated as owning 10% or more of our voting stock, investors that
hold the preferred shares or ADSs as part of a straddle, hedge, conversion or
constructive sale transaction or other integrated transaction and persons whose
functional currency is not the U.S. dollar) may be subject to special tax
rules.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">For purposes of this discussion, a U.S. Holder is any
beneficial owner of common shares or ADSs that is (i)&nbsp;an individual who is
a citizen or resident of the United States, (ii)&nbsp;a corporation (or other
entity taxable as a corporation for U.S. federal income tax purposes) organized
under the laws of the United States, any state thereof or the District of
Columbia, (iii)&nbsp;an estate the income of which is subject to U.S. federal
income tax without regard to its source, or (iv)&nbsp;a trust if a U.S. court is
able to exercise primary supervision over administration of the trust and one or
more U.S. persons have authority to control all substantial decisions of the
trust or if the trust validly elects under applicable Treasury regulations to be
taxed as a U.S. person. A &#8220;Non-U.S. Holder&#8221; is any beneficial owner of common
shares or ADSs that is an individual, corporation, estate or trust who is
neither a U.S. Holder nor a partnership for U.S. federal income tax
purposes.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">If a partnership holds our common shares or ADSs, the tax
treatment of a partner will generally depend upon the status of the partner and
upon the activities of the partnership. A prospective investor who is a partner
of a partnership holding our shares should consult its own tax
advisor.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In general, for U.S. federal income tax purposes, holders
of American Depositary Receipts evidencing ADSs will be treated as the owners of
the common shares represented by those ADSs, and exchanges of common shares for
ADSs, and ADSs for common shares, will not be subject to U.S. federal income
tax.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxation of
Dividends </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Under the U.S. federal income tax laws, and subject to
the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, U.S.
Holders will include in gross income, as dividend income, the gross amount of
any distribution paid by us (including (i) payments considered &#8220;interest&#8221; in
respect of Shareholders&#8217; equity under Brazilian law and (ii) amounts withheld in
respect of Brazilian taxes and (iii) any additional amounts payable in respect
of such withholding taxes as described above under &#8220;Brazilian Tax
Considerations&#8212;Taxation of Dividends and Interest on Shareholders&#8217; Equity&#8221;) out
of our current or accumulated earnings and profits (as determined for U.S.
federal income tax purposes) when the distribution is actually or constructively
received by the U.S. Holder, in the case of common shares, or by our ADSs
depositary, in the case of ADSs. Distributions in excess of current and
accumulated earnings and profits, as determined under U.S. federal income tax
principles, will be treated as a return of capital to the extent of the U.S.
Holder&#8217;s adjusted tax basis in the common shares or ADSs and thereafter as
capital gain, which will be either long-term or short-term capital gain
depending on whether the U.S. holder held the common shares or ADSs for more
than one year. We do not intend to maintain calculations of our earnings and
profits under U.S. federal income tax principles and, unless and until such
calculations are made, U.S. Holders should assume all distributions are made out
of earnings and profits and constitute dividend income.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The dividend income will not be eligible for the
dividends-received deduction generally allowed to U.S. corporations in respect
of dividends received from other U.S. corporations. Subject to certain
exceptions for short-term and hedged positions certain non-corporate U.S.
Holders (including individuals) may qualify for a maximum 20% rate of tax in
respect of &#8220;qualified dividend income&#8221; received. Dividend&nbsp;income with
respect to the ADSs will be qualified dividend income, provided that, in the
year that a non-corporate U.S. Holder receives the dividend, the ADSs are
readily tradable on an established </FONT><a name="page_137"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">securities market in the United States, and we were not
in the year prior to the year in which the dividend was paid, and are not in the
year in which the dividend is paid, a PFIC. Based on existing IRS&nbsp;guidance,
it is not entirely clear whether dividends received with respect to the common
shares not held through ADSs will be treated as qualified dividend income,
because the common shares are not themselves listed on a U.S.
exchange.</FONT></P>
<DIV></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_137></A>
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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The amount of the dividend distribution includible in
gross income of a U.S. Holder will be the U.S. dollar value of the
</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;payments made, determined at the
spot&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">/U.S. dollar rate on the date such dividend distribution
is includible in the gross income of the U.S. Holder, regardless of whether the
payment is in fact converted into U.S. dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period from the date
the dividend payment is includible in gross income to the date such payment is
converted into U.S. dollars will be treated as ordinary income or loss from
sources within the United States and will not be eligible for the special tax
rate applicable to qualified dividend income.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dividends received by most U.S. holders will constitute
foreign source &#8220;passive income&#8221; for foreign tax credit purposes. Subject to
limitations under U.S. federal income tax law concerning credits or deductions
for foreign income taxes and certain exceptions for short-term and hedged
positions, any Brazilian income tax withheld from dividends paid by us would be
treated as a foreign income tax eligible for credit against a U.S. Holder&#8217;s U.S.
federal income tax liability (or at a U.S. Holder&#8217;s election, may be deducted in
computing taxable income if the U.S. Holder has elected to deduct all foreign
income taxes paid or accrued for the relevant taxable year). The rules with
respect to foreign tax credits are complex and U.S. Holders are urged to consult
their own tax advisors regarding the availability of the foreign tax credit
under their particular circumstances.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The U.S. Treasury Department has expressed concern that
intermediaries in connection with depositary arrangements may be taking actions
that are inconsistent with the claiming of foreign tax credits by U.S. persons
who are holders of depositary shares. Accordingly, investors should be aware
that the discussion above regarding the availability of foreign tax credits for
Brazilian income tax withheld from dividends paid with respect to common shares
represented by ADSs could be affected by future action taken by the U.S.
Treasury Department.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Distributions of additional common shares to U.S. Holders
with respect to their common shares or ADSs that are made as part of a pro rata
distribution to all our Shareholders generally will not be subject to U.S.
federal income tax.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non-U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dividends paid to a Non-U.S. Holder in respect of common
shares or ADSs will not be subject to U.S. federal income tax unless those
dividends are effectively connected with the conduct of a trade or business
within the United States by the Non-U.S. Holder (or are attributable to a
permanent establishment maintained in the United States by the Non-U.S. Holder,
if an applicable income tax treaty so requires as a condition for the Non-U.S.
Holder to be subject to U.S. taxation on a net income basis in respect of income
from common shares or ADSs), in which case the Non-U.S. Holder generally will be
subject to U.S. federal income tax in respect of the dividends in the same
manner as a U.S. Holder. Any such effectively connected dividends received by a
corporate Non-U.S. Holder may also, under certain circumstances, be subject to
an additional &#8220;branch profits tax&#8221; (at a 30% rate or at a reduced rate as may be
specified by an applicable income tax treaty).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxation of
Capital Gains</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Subject to the PFIC rules discussed below, upon a sale,
redemption or other taxable disposition of common shares or ADSs, a U.S. Holder
will recognize gain or loss for U.S. federal income tax purposes in an amount
equal to the difference between the U.S. dollar value of the amount realized
(before deduction of any Brazilian tax) and the U.S. Holder&#8217;s adjusted tax basis
(determined in U.S. dollars) in the common shares or ADSs. Generally, a
non-corporate U.S. Holder&#8217;s gain or loss will be capital gain or loss taxed
at&nbsp;a maximum rate of 20% where the property is held for more than one year.
The deductibility of capital losses is subject to limitations under the
Code.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">137</FONT></P></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_138></A>
<a name="_bclPageBorder138"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Capital gain or loss, if any realized by a U.S. Holder on
the sale, exchange or other taxable disposition of common shares or ADSs
generally will be treated as U.S. source gain or loss for U.S. foreign tax
credit purposes. Consequently, in the case of a gain from the disposition of a
share or ADS that is subject to Brazilian income tax (see &#8220;Taxation&#8212;Brazilian
Tax Considerations&#8212;Taxation of Gains&#8221;), the U.S. Holder may not be able to
benefit from the foreign tax credit for that Brazilian income tax (i.e., because
the gain from the disposition would be U.S. source income), unless the U.S.
Holder can apply the credit against U.S. federal income tax payable on other
income from foreign sources. Alternatively, the U.S. Holder may be able to take
a deduction for the Brazilian income tax if it does not elect to claim a foreign
income tax credit for any foreign taxes paid or accrued during the taxable
year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non-U.S. Holders </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A Non-U.S. Holder will not be subject to U.S. federal
income tax in respect of gain recognized on a sale, exchange or other taxable
disposition of common shares or ADSs unless:</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">the gain is effectively connected with a trade or
business of the Non-U.S. Holder in the United States (or is attributable to a
permanent establishment maintained in the United States by that Non-U.S. Holder,
if an applicable income tax treaty so requires as a condition for that Non-U.S.
Holder to be subject to U.S. taxation on a net income basis in respect of gain
from the sale or other disposition of the common shares or ADSs); or</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">in the case of a Non-U.S. Holder who is an individual,
that Non-U.S. Holder is present in the United States for 183 or more days in the
taxable year of the sale and certain other conditions apply.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Effectively connected gains realized by a corporate
Non-U.S. Holder may also, under certain circumstances, be subject to an
additional branch profits tax (at a 30% rate or at a reduced rate as may be
specified by an applicable income tax treaty).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Passive
Foreign Investment Companies</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Based on current estimates of our gross income, gross
assets and the nature of our business, we believe that our common shares and
ADSs should not be treated as stock of a PFIC for U.S. federal income tax
purposes. There can be no assurances in this regard, however, because the
application of the relevant rules is complex and involves some uncertainty. The
PFIC determination is made annually and is based on the portion of our assets
and income that is characterized as passive under the PFIC rules. Moreover, our
business plans may change, which may affect the PFIC determination in future
years.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In general, we will be a PFIC with respect to a U.S.
Holder if, for any taxable year in which the U.S. Holder held our ADSs or common
shares, either (i)&nbsp;at least 75% of our gross income for the taxable year is
passive income or (ii)&nbsp;at least 50% of the value (determined on the basis
of a quarterly average) of our assets is attributable to assets that produce or
are held for the production of passive income. For this purpose, passive income
generally includes, among other things, dividends, interest, royalties, rents
(other than certain rents and royalties derived in the active conduct of a trade
or business), annuities and gains from assets that produce passive income. If a
non-U.S. corporation owns at least 25% by value of the stock of another
corporation, the non-U.S. corporation is treated for purposes of the PFIC tests
as owning its proportionate share of the assets of the other corporation, and as
receiving directly its proportionate share of the other corporation&#8217;s
income.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">If we are treated as a PFIC, a U.S. Holder that did not
make a &#8220;mark-to-market election&#8221; or &#8220;QEF election,&#8221; each as described below,
would be subject to special rules with respect to (a)&nbsp;any gain realized on
the sale or other disposition of common shares or ADSs and (b)&nbsp;any &#8220;excess
distribution&#8221; by CSN to the U.S. Holder (generally, any distributions to the
U.S. Holder in respect of the common shares or ADSs during a single taxable year
that are greater than 125% of the average annual distributions received by the
U.S. Holder with respect to the common shares or ADSs during the three preceding
taxable years or, if&nbsp;shorter, the U.S. Holder&#8217;s holding period for the
common shares or ADSs). Under these rules, (i)&nbsp;the gain or excess
distribution would be allocated ratably over the U.S. Holder&#8217;s holding period
for the common shares or ADSs, (ii)&nbsp;the amount allocated to the taxable
year in which the gain or excess distribution was realized would be taxable as
ordinary income, (iii)&nbsp;the amount allocated to each prior year, with
certain exceptions, would be subject to tax at the highest tax rate in effect
for that year and </FONT><a name="page_139"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(iv)&nbsp;the interest charge generally applicable to
underpayments of tax would be imposed in respect of the tax attributable to each
such prior year.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">138</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_139></A>
<a name="_bclPageBorder139"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">If we are treated as a PFIC and, at any time, we invest
in non-U.S. corporations that are classified as PFICs (each, a &#8220;Subsidiary
PFIC&#8221;), U.S. Holders generally will be deemed to own, and also would be subject
to the PFIC rules with respect to, their indirect ownership interest in that
Subsidiary PFIC. If we are treated as a PFIC, a U.S. Holder could incur
liability for the deferred tax and interest charge described above if either
(1)&nbsp;we receive a distribution from, or dispose of all or part of our
interest in, the Subsidiary PFIC or (2)&nbsp;the U.S. Holder disposes of all or
part of its common shares or ADSs.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The special PFIC tax rules described above will not apply
to a U.S. Holder if the U.S. Holder makes an election (i)&nbsp;to
&#8220;mark-to-market&#8221; with respect to the common shares or ADSs (a &#8220;mark-to-market
election&#8221;) or (ii)&nbsp;to have us treated as a &#8220;qualified electing fund&#8221; (a
&#8220;QEF election&#8221;). The QEF election is not available to holders unless we agree to
comply with certain reporting requirements and provide the required annual
information statements. The QEF and mark-to-market elections only apply to
taxable years in which the U.S. Holder&#8217;s common shares or ADSs are treated as
stock of a PFIC. Our ADR Depositary has agreed to distribute the necessary
information to registered holders of ADSs.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A U.S. Holder may make a mark-to-market election, if the
common shares or ADSs are &#8220;regularly traded&#8221; on a &#8220;qualified exchange.&#8221; Under
applicable U.S. Treasury regulations, a &#8220;qualified exchange&#8221; includes a national
securities exchange, such as the New York Stock Exchange, that is registered
with the SEC or the national market system established under the Exchange Act.
Also, under applicable Treasury Regulations, PFIC securities traded on a
qualified exchange are regularly traded on such exchange for any calendar year
during which such stock is traded, other than in&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">de minimis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;quantities, on at least 15&nbsp;days during each
calendar quarter. We cannot assure you that the ADSs will be eligible for a
mark-to-market election.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A U.S. Holder that makes a mark-to-market election with
respect to its ADSs must include for each taxable year in which the U.S.
Holder&#8217;s common shares or ADSs are treated as shares of a PFIC, as ordinary
income, an amount equal to the excess of the fair market value of the common
shares or ADSs at the close of the taxable year over the U.S. Holder&#8217;s adjusted
tax basis in the common shares or ADSs, and is allowed an ordinary loss for the
excess, if any, of the adjusted tax basis over the fair market value of the
common shares or ADSs at the close of the taxable year, but only to the extent
of the amount of previously included mark-to-market inclusions (not offset by
prior mark-to-market losses). These amounts of ordinary income, and any gain
recognized on the sale, redemption or other taxable disposition of an ADS with
respect to which such an election is in place, will not be eligible for the
favorable tax rates applicable to qualified dividend income or long-term capital
gains. A U.S. Holder&#8217;s tax basis in the common shares or ADSs will be adjusted
to reflect any income or loss amounts on its annual inclusions. Although a U.S.
Holder may be eligible to make a mark-to-market election with respect to its
common shares or ADSs, no such election may be made with respect to the stock of
any Subsidiary PFIC that such U.S. Holder is treated as owning, because such
Subsidiary PFIC stock is not marketable. Thus, the mark-to-market election will
not be effective to avoid all of the adverse tax consequences described above
with respect to any Subsidiary PFICs. U.S. Holders should consult their own tax
advisors regarding the availability and advisability of making a mark-to-market
election with respect to their common shares of ADSs based on their particular
circumstances.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A U.S. Holder that makes a QEF election will be currently
taxable on its pro rata share of our ordinary earnings and net capital gain (at
ordinary income and long-term capital gain rates, respectively) for each of our
taxable years, regardless of whether we distributed the income and gain. The
U.S. Holder&#8217;s basis in the common shares or ADSs will be increased to reflect
taxed but undistributed income. Distributions of income that had previously been
taxed will result in a corresponding reduction of tax basis in the common shares
or ADSs and will not be taxed again as a distribution to the U.S.
Holder.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In addition, notwithstanding any election that a U.S.
Holder makes with regard to the common shares or ADSs, dividends that a
non-corporate U.S. Holder receives from us will not constitute qualified
dividend income if we are a PFIC either in the taxable year of the distribution
or the preceding taxable year.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Special rules apply with respect to the calculation of
the amount of the foreign tax credit with respect to excess distributions by a
PFIC or, in certain cases, QEF inclusions.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">139</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_140></A>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A U.S. Holder who owns common shares or ADSs during any
taxable year that we are a PFIC in excess of certain de minimus amounts and
fails to qualify for certain other exemptions would be required to file IRS Form
8621. In addition, under certain circumstances, the temporary regulations also
require a &#8220;United States person&#8221; (as such term is defined in the Code) that owns
an interest in a PFIC as an indirect shareholder through one or more United
States persons to file Form 8621 for any taxable year during which such indirect
shareholder is treated as receiving an excess distribution in connection with
the ownership or disposition of such interest, or reports income pursuant to a
mark-to-market or QEF election, among other circumstances. U.S. holders should
consult their own tax advisors regarding the application of the PFIC rules to
the common shares or ADSs.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Backup Withholding and Information
Reporting</FONT></I></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dividends paid on, and proceeds from the sale, redemption
or other taxable disposition of common shares or ADSs received by a U.S. Holder
generally will be subject to information reporting and backup withholding,
unless, in the case of backup withholding, the U.S. Holder provides an accurate
taxpayer identification number or in either case otherwise establishes an
exemption. The amount of any backup withholding collected from a payment to a
U.S. Holder will be allowed as a credit against the U.S. Holder&#8217;s U.S. federal
income tax liability and may entitle the U.S. Holder to a refund, provided that
certain required information is timely furnished to the IRS.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non-U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">If common shares are held by a Non-U.S. Holder through
the non-U.S. office of a non-U.S. related broker or financial institution,
backup withholding and information reporting generally would not be required.
Information reporting, and possibly backup withholding, may apply if the common
shares are held by a Non-U.S. Holder through a U.S., or U.S.-related, broker or
financial institution, or the U.S. office of a non-U.S. broker or financial
institution and the Non-U.S. Holder fails to provide appropriate information.
Information reporting and backup withholding generally will apply with respect
to ADSs if the Non-U.S. Holder fails to timely provide appropriate information.
Non-U.S. Holders should consult their tax advisors regarding the application of
these rules.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Specified
Foreign Financial Asset&#8221; Reporting</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Owners of &#8220;specified foreign financial assets&#8221; with an
aggregate value in excess of US$50,000 (and in some circumstances, a higher
threshold), may be required to file an information report with respect to such
assets with their U.S. federal income tax returns. &#8220;Specified foreign financial
assets&#8221; generally include any financial accounts maintained by foreign financial
institutions as well as any of the following, but only if they are not held in
accounts maintained by financial institutions: (i) stocks and securities issued
by non-U.S. persons, (ii) financial instruments and contracts held for
investment that have non-U.S. issuers or counterparties and (iii) interests in
foreign entities.</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Prospective purchasers should consult their own tax
advisors regarding the application of the U.S. federal income tax laws to their
particular situations as well as any additional tax consequences resulting from
purchasing, holding or disposing of common shares or ADSs, including the
applicability and effect of the tax laws of any state, local or foreign
jurisdiction, including estate, gift, and inheritance laws.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635090></A><A name=_Toc384635091></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10F.
Dividends and Paying Agents</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635092></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10G.
Statement by Experts</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.<A name=_Toc384635093></A></FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">140</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_141></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10H.
Documents on Display</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are subject to the information requirements of the
Exchange Act and accordingly file reports and other information with the SEC.
Reports and other information filed by us with the SEC may be inspected and
copied at the public reference facilities maintained by the SEC at 100 F Street,
N.E., Washington, D.C. 20549. You can obtain further information about the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our
SEC filings are also available to the public from the SEC&#8217;s website at
http://www.sec.gov. You may also inspect our reports and other information at
the offices of the NYSE, 11 Wall Street, New York, New York 10005, on which our
ADSs are listed. For further information on obtaining copies of our public
filings at the NYSE, you should call (212) 656-5060. We also file financial
statements and other periodic reports with the CVM.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635094></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">10I.
Subsidiary Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not required.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name=_Toc384635095></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 11.
Quantitative and Qualitative Disclosures About Market Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are exposed to a number of different market risks
arising from our normal business activities. Market risk is the possibility that
changes in interest rates, currency exchange rates, commodities prices could
adversely affect the value of financial assets, liabilities, expected future
cash flows or earnings. We developed policies aimed at managing the volatility
inherent to certain of these natural business </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">exposures</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. We may use
financial instruments, such as derivatives, in order to achieve the main goals
established by our Board of Directors to minimize the cost of capital and
maximize the returns on financial assets, while observing, as determined by our
Board of Directors, parameters of credit and risk. Derivatives are contracts
whose value is derived from one or more underlying financial instruments,
indicies or prices defined in the contract. Only well-understood, conventional
derivative instruments are used for these purposes. These include futures and
options traded on regulated exchanges and &#8220;over-the-counter&#8221; swaps, options and
forward contracts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Market Risk
Exposures and Market Risk Management</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our treasury department is responsible for managing our
market risk exposures. We use some internal controls in order to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">help us
understand market risks;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reduce the likelihood of financial losses; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">diminish the volatility of financial results.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The principal tools used by our treasury department
are:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Sensitivity Analysis,&#8221; which measures the impact that
movements in the price of different market variables such as interest rates and
exchange rates will have in our earnings and cash flows; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;Stress
Testing,&#8221; which measures the worst possible loss from a set of consistent
scenarios to which probabilities are not assigned. The scenarios are
deliberately chosen to include extreme changes in interest and currency exchange
rates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Following is a discussion of the primary market risk
exposures that we face together with an analysis of the exposure to each one of
them.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Interest
Rate Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are exposed to interest rate risk on short- and
long-term instruments and as a result of refinancing of fixed-rate instruments
included in our consolidated debt. Consequently, in addition to managing the
currency and maturity of debt, we manage interest costs through a balance
between floating rate debt, which has inherently higher risk, and fixed-rate
debt. We can use</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">derivatives to achieve the desired ratio between
floating-rate debt and fixed-rate debt. The desired ratio varies according to
market conditions.</FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">141</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_142></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are
basically exposed to the following floating interest rates:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar LIBOR, due to our floating rate U.S.
dollar-denominated debt (usually trade-finance related), to our cash position
held offshore in U.S. dollars, which is invested in short-term instruments,
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">TJLP (Long Term Interest Rate), due to </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated
debt indexed to this interest rate, and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CDI (benchmark Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> overnight
rate), due to our cash held in Brazil (onshore cash) and to our CDI indexed
debt.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt">&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="59%" colSpan=11>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" face="times new roman">Maturities</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">Exposure as of
      December&nbsp;2016*</FONT></P><FONT style="COLOR: #000000"></FONT>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">&nbsp;(amortization)
    &nbsp;</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">Notional amount</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2017</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2018</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2019</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2020</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2021</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">Thereafter</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">U.S. dollar LIBOR</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">5,277</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">505</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">735</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1,630</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1,649</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">533</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">225</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">U.S. dollar fixed
    rate</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">8,788</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2,205</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">3,324</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">3,259</FONT></P></TD></TR>
  <TR style="HEIGHT: 3.3pt">
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">CDI</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">14,431</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">880</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">4,708</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">3,178</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2,361</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1,627</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1,677</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">Euro fixed rate</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">332</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">83</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">83</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">83</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">83</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">-</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">-</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">TJLP</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1,070</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">62</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">59</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">71</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">65</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">58</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">755</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">Other</FONT></B></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">31</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">16</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">8</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">2</FONT></P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #000000; LINE-HEIGHT: normal" color=#2f5496 face="times new roman">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#2f5496 face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 12.3pt">
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 12.3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 12.3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 12.3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 12.3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 12.3pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="59%" colSpan=11>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Maturities</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 25.15pt">
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Exposure as of
      December&nbsp;2015*&nbsp;</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(amortization) &nbsp;</FONT></B></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Notional amount</FONT></B></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2017</FONT></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2018</FONT></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2019</FONT></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2020</FONT></P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 25.15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Thereafter</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.3pt">
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S.
      dollar LIBOR</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6,512</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">449</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">605</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">881</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,693</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,976</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">908</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S.
      dollar fixed rate</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">11,103</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">287</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,801</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,110</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,905</FONT></P></TD></TR>
  <TR style="HEIGHT: 2.85pt">
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CDI</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">14,496</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">345</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">680</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,728</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,078</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,361</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3,304</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Euro
      fixed rate</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">510</FONT></B></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">102</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">102</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">102</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">102</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">102</FONT></P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.3pt">
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.3pt">
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">TJLP</FONT></B></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,052</FONT></B></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">40</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">57</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">57</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">66</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">60</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">772</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.7pt">
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.3pt">
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Other</FONT></B></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">141</FONT></B></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">104</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">15</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">11</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3</FONT></P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.3pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.75pt">
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.75pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">*All figures
in R$million. </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">142</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_143"></A>

<a name="_bclPageBorder143"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our cash and cash equivalent were as follows: </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December 31,&nbsp;2016&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December 31,&nbsp;2015&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Exposure&nbsp;&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Cash in </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">reais</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">: &nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,899</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,488&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CDI&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Cash in U.S. dollars: </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">925</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2,399</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">LIBOR&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below shows the average interest rate and the average life of our debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.5pt">

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">December&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">December&nbsp;2015&nbsp;&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Average rate % </FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Average rate %</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">U.S. dollar LIBOR</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.74</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.84</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.00</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.62</FONT></P></TD></TR>

<TR style="HEIGHT: 38.25pt">

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">U.S. dollar fixed rate</FONT></B></P></TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.76</FONT></P></TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13.58 (with perpetual bond)</FONT></P></TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.15</FONT></P></TD>

   <TD style="HEIGHT: 38.25pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">14.58 (with perpetual bond)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Euro fixed rate</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.88</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.59</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.88</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.09</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">Real Fixed</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.00</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.00</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.82</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" color=black face="times new roman">CDI</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">112.63% of CDI</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">112.54% of CDI</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.07</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">TJLP Spread</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.30</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.98</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.36</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.79</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may conduct U.S. dollar futures operations at the B3 to ensure the forward purchase or sale of U.S. dollars, which are settled by the difference in contracted R$/US$ buy or sell parity against the R$/US$ sell or buy parity, defined by the future U.S. dollar contracts traded in the B3 with daily adjustments and exchange swap agreements. The main purpose of these operations is to hedge liabilities indexed to the U.S. dollar from Brazilian real fluctuations, which are affected by market, economic, political, regulatory and geopolitical conditions, among others. The gains and losses from these contracts are directly related to exchange (dollar) and CDI fluctuations. For the duration of our U.S. dollar and fixed-rate derivatives, see tables below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.5pt">

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 31.5pt">

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In million, unless otherwise indicated)</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Functional Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Notional Amount</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Average Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Average Maturity (days</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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">DI future</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Real </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,641</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting of export</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S. Dollar </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,458</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting net investment</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Euro &nbsp;</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">96</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CDI-to-fixed rate interest rate swap</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Real &nbsp;</FONT></P></TD>

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Fixed rate-to-CDI interest rate swap</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Real &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 31.5pt">

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In million, unless otherwise indicated)</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Functional Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Notional Amount</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Average Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.5pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Average Maturity (days</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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Dollar future-to-real</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S. Dollar </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,435</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">30</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting of export</FONT></B></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S. Dollar </FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,558</FONT></P></TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting net investment</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Euro &nbsp;</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">120</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">CDI-to-fixed rate interest rate swap</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Real &nbsp;</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">150</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">61</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Fixed rate-to-CDI interest rate swap</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Real &nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">345</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">61</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">143</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreign Currency Exchange Rate Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fluctuations in exchange rates can have significant effects on our operating results. Therefore, exchange rate fluctuations affect the values of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated assets, the carrying and repayment costs of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated financial liabilities, our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated production costs, the cost of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-denominated capital items and the prices we receive in the Brazilian market for our finished steel products. We attempt to manage our net foreign exchange rate exposures, trying to balance our non-</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> denominated assets with our non-</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> denominated liabilities. We use derivative instruments to match our non-</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">denominated assets to our non-</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> denominated liabilities, but at any given time we may still have significant foreign currency exchange rate risk exposure.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Our exposure to the U.S. dollar is due to the following contract categories:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar-denominated debt;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">offshore cash;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">currency derivatives;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">offshore investments: assets that we bought offshore and that are denominated in U.S. dollars on our balance sheet.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">144</FONT></P></DIV>

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&nbsp;&nbsp;<A name="page_145"></A><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December&nbsp;31, 2016&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December&nbsp;31, 2015&nbsp;&nbsp;</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar Liabilities&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Loans and financing&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,373</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,570</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Trade accounts payable&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">97</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">20</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Intercompany loans&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Others</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">18</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">25</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Liabilities</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,488</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4,615</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar Assets&nbsp;&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Offshore cash and cash equivalents&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">914</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,625</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Guarantee margin</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Trade accounts receivable&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">373</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">170</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Advances to suppliers</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Intercompany loans</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,290&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,795&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total U.S. dollar Exposure&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(3,198)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(2,820)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Derivative notional</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,435</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Cash Flow &#8211; Hedge Accounting</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,458</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,558</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total U.S. dollar Net Exposure&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(1,740)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Perpetual Bonds</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">1,000</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total U.S. dollar Net Exposure, excluding perpetual bonds.&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(740)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">173</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our exposure to the Euro is due to the following contract categories:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Euro-denominated debt;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">offshore cash;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">offshore investments: assets that we bought offshore and that are denominated in Euros on our balance sheet</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">145</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December&nbsp;31, 2016&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">December&nbsp;31, 2015&nbsp;&nbsp;</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Euro Liabilities&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Loans and financing&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">98</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">122</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Trade accounts payable&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Others</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">92</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">109</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">219</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Euro Assets&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Offshore cash and cash equivalents&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Trade accounts receivable&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">3</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Intercompany loans </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Advances to suppliers</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">21</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">23</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">33</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Euro Exposure&nbsp;&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(86)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(186)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Derivative notional</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Investment &#8211; Hedge Accounting</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">120</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Perpetual bonds</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">-</FONT></B></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total Euro Net Exposure&nbsp;, excluding perpetual bonds&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">10</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(66)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Offshore investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have capitalized our offshore subsidiaries domiciled in U.S. dollar-based countries with equity investments, and those investments are accounted as U.S. dollar investments. The result is that they work as assets indexed to the U.S. dollar from an earnings perspective.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Commodity Price Risk</FONT></B></P>

<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fluctuations in the price of steel, iron ore and some of the commodities used in producing steel, such as zinc, aluminum, tin, coal, coke and energy, can have an impact on our earnings. Currently, we are not hedging our exposure to commodity prices. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sensitivity analysis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The economic environment in which we operate determines the main factors taken into consideration to establish risk scenarios. In the Brazilian economic environment, exchange rate variation is the most notable market risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> exchange rate is significantly volatile. Between 2005 and 2016, the exchange rate had an annual volatility around 15.4%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sensitivity analysis of Derivative Financial Instruments and Foreign Exchange Exposure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We considered scenarios (1 and 2) are 25% and 50% to the underlying asset appreciation, using as a benchmark the closing exchange rate as of December 31, 2016.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">146</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The currencies used in the sensitivity analysis and the respective scenarios are as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">December 31, 2016 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Exchange rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Problable scenario</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 2</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Dollar to real</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2591 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1412</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0739</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8887 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Euro to real</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4384</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;3.7230</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2980 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.1576</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Dollar to euro</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0541</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1867</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3176 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5812 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #548dd4 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: #548dd4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">December 31, 2016</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Interest rate</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 2</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">CDI</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">13.63%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">17.04%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">20.45%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">TJLP</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">7.5%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">9.38%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">11.25%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">LIBOR</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.32%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.65%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">1.98%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The effects on income statement, considering the scenarios 1 and 2 are shown below:</FONT></P>

<DIV align=center>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Instruments</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Notional amount </FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Risk</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Probable scenario (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Scenario&nbsp;1</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Scenario&nbsp;2&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting of exports</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,457,667 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Dollar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,644 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,187,670 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 2,375,340 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Exchange position functional currency BRL</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(3,198,191)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Dollar </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,995)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (2,605,806)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (5,211,612)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(not including exchange derivatives above)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Consolidated exchange position</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (1,740,524)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Dollar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,351)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (1,418,136)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (2,836,272)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(including exchange derivatives above)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Hedge accounting net investment</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,000 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Euro</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,768 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,520 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165,040 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Exchange position functional currency BRL</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(86,060)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Euro</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38,340)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73,975)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; (147,950)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(not including exchange derivatives above)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Consolidated exchange position</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,940 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Euro</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,428 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,545 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,090 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(including exchange derivatives above)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Dollar-to-euro swap</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,250 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Dollar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,574)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,389)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,847)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">(*) The probable scenarios were calculated considering the following variations to the specified risks: Real x Dollar &#8211; depreciation of Real in 0.08% / Real x Euro &#8211; apreciation of Real in 12.96% / Dollar x Euro &#8211; apreciation of dollar in 12.41%. Source: prices Central Bank of Brazil and Central Bank of Europe in November 30, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sensitivity analysis of interest rate swaps</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="times new roman">We considered scenarios (1 and 2) are 25% and 50% on interest rate (CDI) appreciation on December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">In thousands of R$</FONT></P>

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<TR style="HEIGHT: 10.15pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 10.15pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">12/31/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Instruments</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Notional amount</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Risk</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Probable scenario (*)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Scenario 1</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Scenario 2</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 6.55pt">

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Future DI</FONT></B></P></TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">1,641,378</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">CDI</FONT></P></TD>

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   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">(121)</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">55,930</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">111,860</FONT></P></TD></TR>

<TR style="HEIGHT: 10.85pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sensitivity analysis of changes in interest rate</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We considered the scenarios 1 and 2 to 25% and 50 % growth to volatility of interest on December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">147</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">In thousands of R$</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="25%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Impact on profit or loss</FONT></B></P></TD></TR>

<TR style="HEIGHT: 34.5pt">

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Changes in interest rates</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">% p.a</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Probable scenario (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">TJLP</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7.50</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,070,088)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,349)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,064)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,128)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Libor</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1.32</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,277,569)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,586)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,385)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,770)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">CDI</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">13.63</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,390,707</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,442,567)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229,164)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (444,742)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (889,484)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(*) The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2016 recorded in our assets and liabilities </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Share market price risk&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635096"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 12. Description of Securities Other Than Equity Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">American Depositary Shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">JP Morgan Chase Bank, N.A. serves as the depositary for our ADSs. ADR holders are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ADR </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, facsimile transmission or conversion of foreign currency into U.S. dollars. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> &nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">

   <P style="MARGIN: 0cm 0cm 10pt"><A name="_Toc448822197"></A><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Depositary service</FONT></B></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Fee payable by ADR holders</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">

   <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Issuance and delivery of ADRs, including in connection with share distributions, stock splits </FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">

   <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Deposit of securities, including in respect of share, rights and other distributions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="62%">

   <P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Withdrawal of deposited securities </FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Direct and indirect payments by the depositary</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary reimburses us for certain expenses we incur in connection with the ADR program, subject to a ceiling agreed between us and the depositary from time to time. These reimbursable expenses currently include legal and accounting fees, listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders. For the year ended December&nbsp;31, 2016, such reimbursements totaled US$1 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635097"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 13. Defaults, Dividend Arrearages and Delinquencies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635098"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 14. Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">148</FONT></P></DIV>

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&nbsp; <A name="page_149"></A>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">PART II</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 15. Controls and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Disclosure Controls and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We carried out an evaluation, under the supervision of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2016 the Company did not maintain effective disclosure controls and procedures because of the material weakness identified related to our <FONT style="FONT-SIZE: 10pt" face="Times New Roman">monitoring process and </FONT>management review controls.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Notwithstanding this material weakness, the Company has concluded that its consolidated financial statements included in this report fairly present, in all material respects, its financial position, results of operations, capital position, and cash flows for the years presented, in conformity with the International Financial and Reporting Standards &#8211; IFRS, as issued by the International Accounting Standards Board &#8211; IASB.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Management is responsible for establishing and maintaining adequate internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The Company&#8217;s internal control over financial reporting is a process designed under the supervision of the Company&#8217;s CEO and CFO, Audit Committee and effected by our board of directors, Management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company&#8217;s consolidated financial statements for external purposes in accordance with IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Internal control over financial reporting is defined in rules 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Management assessed the effectiveness of the Company&#8217;s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in &#8220;Internal Control - Integrated Framework,&#8221; issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission (2013). Based on this assessment we concluded that our internal control over financial reporting was not effective as of December 31, 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement in our annual financial statements will not be prevented or detected on a timely basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">149</FONT></P>

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&nbsp; <A name="page_150"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The material weakness in internal control over financial reporting that our management identified as of December 31, 2016 relates to our <FONT style="FONT-SIZE: 10pt" face="Times New Roman">monitoring process and </FONT>management review controls that were not adequately designed and/or implemented on complex, non-routine or infrequent transactions, including the following areas and/or transactions: (i) recoverability of investments in joint-controlled entities; (ii) realization of deferred tax assets; (iii) business combination and income tax related impacts; (iv) revenue recognition from newly implemented revenue streams; (v) goodwill impairment; and (vi) monitoring of non-financial obligations from loan agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">This material weakness resulted in errors that were corrected prior to the issuance of our financial statements as of and for the year ended December 31, 2016; and if not remediated, creates a reasonable possibility that a material misstatement to the consolidated financial statements will not be prevented or detected on a timely basis on future periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Remediation plan for the material weakness:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Within this context, management is working on plans to remediate the material weakness, that include the following procedures: (i) the definition and implementation of detailed steps that must be performed by key accounting personnel in their review of complex, non-routine or infrequent transactions to determine that the objective of the review has been achieved, including enhancements of our internal controls related to the preparation of accounting position papers documenting our analysis and conclusions; (ii) the definition of detailed steps that must be performed by key financial planning personnel in their review of valuation techniques and assumptions considered in fair value measurements and cash flow projections that support the maintenance of long-lived assets outstanding in the balance sheet; and (iii) strengthen documentation on internal communications, add further layers of technical discussions and steps of review to challenge decisions made on the maintenance, recognition, derecognition or impairment of long-lived assets and on other complex, non-routine or infrequent transactions, in order to ensure they consider the entire authoritative accounting guidance and are deeply stressed, including the engagement of external experts, where appropriate.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Attestation Report of the Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Deloitte Touche Tohmatsu Auditores Independentes, our independent registered public accounting firm, have concluded that as of December 31, 2016 the Company did not maintain effective disclosure controls and procedures because of the material weakness identified related to monitoring process and management review controls. For the report of Deloitte Touche Tohmatsu Auditores Independentes dated December 22, 2017 see &#8220;Item 18. Financial Statements&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Changes in internal control over financial reporting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other than the changes resulting from the material weakness discussed above, there have been no changes in our internal control over financial reporting that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt">&nbsp;</P><A name="_Toc384635099"></A><A name="_Toc384635100"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16. [Reserved]</FONT></B>

<P></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635101"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16A. Audit Committee Financial Expert</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">After reviewing the qualifications of the members of our Audit Committee, our Board of Directors has determined that all three members of our Audit Committee qualify as an &#8220;audit committee financial expert,&#8221; as defined by the SEC. In addition, all of the members of our Audit Committee meet the applicable independence requirements both under Brazilian Corporate Law and under the NYSE rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Audit Committee <FONT style="FONT-SIZE: 10pt" face="Times New Roman">may be </FONT>assisted by a consultant,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">to</FONT> render financial and consulting services, among others, to the members of our Audit Committee. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635102"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16B. Code of Ethics</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">We adopted a Code of Ethics in 1998, reinforcing our ethical standards and values that apply to all of our employees, including executive officers and directors.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The Code of Ethics was updated during 2015 and in February 2016 copies were distributed to each employee of the organization, to our Board of Directors and our Audit Committee members, who have signed a Commitment Letter, which reinforces the dedication to the established values.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In our governance structure, the compliance area is responsible for our integrity program, which aims to ensure compliance with ethical standards of conduct and transparency. This program includes continuous training for our employees and employees of our third parties, and also monitoring of compliance with laws, regulations, policies and internal standards. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">150</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, we obtained the pro-ethics quality seal, issued by the Brazilian Federal Government (Ministry of Transparency, Supervision and Controls). The seal is the result of an annual evaluation of the integrity program and reflects the efforts of the public and private sectors to promote an environment of integrity, ethics and transparency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">There was no amendment to or waiver from any provision of our Code of Ethics in 2016. Our Code of Ethics is in compliance with the SEC requirements for codes of ethics for senior financial officers. A copy of our Code of Ethics is available on our website </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=blue face="times new roman">www.csn.com.br</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">www.csn.com.br</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"> .</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635103"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16C. Principal Accountant Fees and Services</FONT></B></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Our interaction with our independent auditors with respect to the contracting of services unrelated to the external audit is based on principles that preserve the independence of the auditors and are otherwise permissible under applicable rules and regulations. For the fiscal year ended December 31, 2016 and 2015, Deloitte Touche Tohmatsu Auditores Independentes acted as our independent auditor.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following table describes the services rendered and the related fees.</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Year Ended&nbsp;December&nbsp;31,&nbsp;</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2016</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of R$)</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Audit fees&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">8</FONT>,719&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">5,063&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Audit &#8211; related fees&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">871</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Tax fees&nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">&nbsp;</TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">115</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">Total&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">8</FONT>,719</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face="times new roman">6,049</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Audit fees</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Audit fees in 2016 and 2015 consisted of the aggregate fees billed and billable by our independent auditors in connection with the audit of our consolidated financial statements, reviews of interim financial statements and attestation services that are provided in connection with statutory and regulatory filings or engagements.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Audit-related fees</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Audit-related fees in the above table are fees billed and billable by our independent auditors for services that are reasonably related to the performance of the audit or review of our financial statements. In 2016, there were no audit-related fees. In 2015, these fees referred mainly to&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">appraisal</FONT> reports issued to attend the merger in the mining segment. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Services additional to the examination of the financial statements are submitted for prior approval to the Audit Committee in order to ensure that they do not represent a conflict of interest or affect the auditors&#8217; independence.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax Fees</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">In 2016, there were no fees for tax services provided by our independent auditors. Fees billed in 2015 for professional services rendered by our independent auditors are for tax compliance services and a review of tax electronic files for tax return purposes. <A name="_Toc384635104"></A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16D. Exemptions from the Listing Standards for Audit Committees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are in full compliance with the listing standards for audit committee pursuant to Exchange Act Rule 10A- 3. For a discussion on our audit committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635105"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Throughout&nbsp;the&nbsp;year of 2014 and 2015 in accordance with the limits and provisions of CVM Instruction No. 10/80, our Board of Directors approved various share buyback programs with the purpose </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">of hold in treasury for subsequent disposal or cancellation. In 2016, we maintained 30,391,000 shares in Treasury. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">151</FONT></P></DIV>

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



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

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<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 50%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 29.4pt">

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Program</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Board&#180;s Authorization</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Authorized Quantity</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Program Period</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Number Bought back</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Shares Cancellation</FONT></P></TD>

   <TD style="BORDER-TOP: #4472c4 1pt solid; HEIGHT: 29.4pt; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">Balance in Treasury</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1<SUP>st</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">03/13/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">70,205,661</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">03/14/2014 04/14/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,350,000</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2,350,000</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">2<SUP>nd</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">04/15/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">67,855,661</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">04/16/2014 05/23/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9,529,500</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">11,879,500</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">3<SUP>rd</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">05/23/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">58,326,161</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">05/26/2014 06/25/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">31,544,500</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">43,424,000</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">4<SUP>th</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">06/26/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">26,781,661</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">06/26/2014 07/17/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">26,781,661</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">70,205,661</FONT></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">07/18/2014</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">60,000,000</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10,205,661</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">5<SUP>th</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">07/18/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">64,205,661</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">07/18/2014 08/18/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">240,400</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10,446,061</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">08/19/2014</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">10,446,061</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6<SUP>th</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">08/19/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">63,161,055</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">08/19/2014 09/25/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,791,300</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">6,791,300</FONT></P></TD></TR>

<TR style="HEIGHT: 16.4pt">

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">7<SUP>th</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">09/29/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">56,369,755</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">09/29/2014 12/29/2014</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">21,758,600</FONT></P></TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.4pt; BACKGROUND: #d0dbf0; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">28,549,900</FONT></P></TD></TR>

<TR style="HEIGHT: 19.15pt">

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">8<SUP>th </SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">12/30/2014</FONT></P></TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">34,611,155</FONT></P></TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">12/31/2014 03/31/2015</FONT></P></TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">1,841,100</FONT></P></TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">30,391,000</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">9<SUP>th</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">03/31/2015</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">32,770,055</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">04/01/2015 06/30/2015</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">0</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; BACKGROUND: #d0dbf0; BORDER-BOTTOM: #4472c4 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">30,391,000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635106"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16F. Change in Registrant&#8217;s Certifying Accountant</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Deloitte Touche Tohmatsu Auditores Independentes or Deloitte was appointed to act as our independent registered public accounting firm to audit our consolidated financial statements for the fiscal years ended December 31, 2016 and 2015 until the filing of this Form 20-F with the SEC. Pursuant to CVM instruction 308/99, Brazilian public companies are required to rotate their independent public accounting firm every five years. Due to the limitations set forth in these regulations, we did not seek to renew Deloitte&#8217;s contract when it was expired and Deloitte Touche Tohmatsu Auditores Independentes could not attempt to stand for reelection for CVM purposes. On December 7, 2017, our Board of Directors approved the appointment of Grant Thornton Auditores Independentes to act as our independent public accounting firm for the audit of the financial statements for the year ending December 31, 2017, beginning with a review of our interim financial information for the first quarter of 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Deloitte&#8217;s audit report dated December 22, 2017, on our consolidated financial statements for the fiscal years ended December 31, 2016 and 2015, does not contain an adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Deloitte&#8217;s audit report dated December 22, 2017, on the effectiveness of our internal control over financial reporting as of December 31, 2016, expressed an adverse opinion related to the following material weakness: the Company did not maintain effective internal controls over monitoring process and management review controls on complex, non-routine or infrequent transactions. Deloitte&#8217;s report dated May 11, 2016, on the effectiveness of our internal control over financial reporting as of December 31, 2015, expressed an adverse opinion related to the following material weakness: the Company did not maintain effective internal controls over complex and unusual transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During the two fiscal years preceding the rotation of Deloitte, there were no disagreements with Deloitte, whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or scope of audit procedures, which disagreement, if not resolved to the satisfaction of Deloitte, would have caused Deloitte to make a reference to the subject matter of the disagreement in connection with its audit reports for such fiscal years. During the two fiscal years preceding the rotation of Deloitte, there were no &#8220;reportable events&#8221; as that term is defined in Item 16F(a)(1)(v) of the instructions to Form 20-F.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have provided Deloitte with a copy of this Item 16F and have requested that Deloitte furnish us with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of this letter is filed as Exhibit [<FONT style="FONT-SIZE: 10pt" face="Times New Roman">16.2</FONT>] to this Form 20-F.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We did not consult Grant Thornton Auditores Independentes during our two most recent fiscal years or any subsequent interim period as to the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements or any matter that was either the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of Form 20 F) or a reportable event (as described in Item 16F(a)(1)(v) of Form 20 F).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16G. Corporate Governance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Significant Differences between our Corporate Governance Practice and NYSE Corporate Governance Standards</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are subject to the NYSE corporate governance listing standards. As a foreign private issuer, the standards applicable to us are considerably different than the standards applied to U.S. listed companies. Under the NYSE rules, we are required only to: (i)&nbsp;have an audit committee or audit board, pursuant to an applicable exemption available to foreign private issuers, that meets certain requirements, as discussed below, (ii)&nbsp;provide prompt certification by our Chief Executive Officer of any material non-compliance with any corporate governance rules, and (iii)&nbsp;provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate governance practice required to be followed by U.S. listed companies. The discussion of the significant differences between our corporate governance practices and those required of U.S. listed companies follows below.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Majority of Independent Directors</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The NYSE rules require that a majority of the board of directors must consist of independent directors. Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company. Brazilian law does not have a similar requirement. Under Brazilian law, neither our board of directors nor our management is required to test the independence of directors before their election to the board. However, both Brazilian Corporate Law and the CVM have established rules that require directors to meet certain qualification requirements and that address the compensation and duties and responsibilities of, as well as the restrictions applicable to, a company&#8217;s executive officers and directors. While our directors meet the qualification requirements of Brazilian Corporate Law and the CVM, we do not believe that a majority of our directors would be considered independent under the NYSE test for director independence. Brazilian Corporate Law requires that our directors be elected by our shareholders at an annual shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Executive Sessions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that the non-management directors must meet at regularly scheduled executive sessions without management present. Brazilian Corporate Law does not have a similar provision. According to Brazilian Corporate Law, up to one-third of the members of the board of directors can be elected from management. Mr. Benjamin Steinbruch, our Chief Executive Officer, is also the Chairman of our Board of Directors. There is no requirement that non-management directors meet regularly without management. As a result, the non-management directors on our Board of Directors do not typically meet in executive sessions without management present.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Nominating and Corporate Governance Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that listed companies have a nominating and corporate governance committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, identifying and selecting qualified board member nominees and developing a set of corporate governance principles applicable to the company. We are not required under Brazilian Corporate Law to have, and currently we do not have, a nominating and a corporate governance committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Compensation Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that listed companies have a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, reviewing corporate goals relevant to the chief executive officer&#8217;s compensation, evaluating the chief executive officer&#8217;s performance, approving the chief executive officer&#8217;s compensation levels and recommending to the board non-chief executive officer compensation, incentive-compensation and equity-based plans. We are not </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">required under applicable Brazilian law to have, and currently do not have, a compensation committee. Under Brazilian Corporate Law, the total amount available for compensation of our directors and executive officers and for profit-sharing payments to our executive officers is established by our shareholders at the annual shareholders&#8217; meeting. The board of directors is then responsible for determining the individual compensation and profit-sharing of each executive officer, as well as the compensation of our board and committee members.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Audit Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that listed companies have an audit committee that (i)&nbsp;is composed of a minimum of three independent directors who are all financially literate, (ii)&nbsp;meets the SEC rules regarding audit committees for listed companies, (iii)&nbsp;has at least one member who has accounting or financial management expertise and (iv)&nbsp;is governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities. However, as a foreign private issuer, we need only to comply with the requirement that the audit committee meet the SEC rules regarding audit committees for listed companies to the extent compatible with Brazilian corporate law. We have established an Audit Committee, which is equivalent to a U.S. audit committee, and provides assistance to our Board of Directors in matters involving our accounting, internal controls, financial reporting and compliance. Our Audit Committee recommends the appointment of our independent auditors to our Board of Directors and reviews the compensation of, and coordinates with, our independent auditors. They also report on our auditing policies and our annual audit plan prepared by our internal auditing team. Our Audit Committee also evaluates the effectiveness of our internal financial and legal compliance controls, and is comprised of up to three independent directors elected by our Board of Directors for a two-years term of office. The current members of our Audit Committee are Fernando Perrone, Yoshiaki Nakano and Antonio Bernardo Vieira Maia. All members of our Audit Committee satisfy the audit committee membership independence requirements set forth by the SEC and the NYSE. All members of our Audit Committee have been determined by our Board of Directors to qualify as an &#8220;audit committee financial expert&#8221; within the meaning of the rules adopted by the SEC relating to the disclosure of financial experts on audit committees in periodic filings pursuant to the Exchange Act. For further information on our Audit Committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Code of Business Conduct and Ethics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Applicable Brazilian law does not have a similar requirement. We have adopted a Code of Ethics applicable to all our employees, including our executive officers and directors, and it was updated in the beginning of 2016. We believe this code addresses the matters required to be addressed pursuant to the NYSE rules. For a further discussion of our Code of Ethics, see &#8220;Item 16B. Code of Ethics.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholder Approval of Equity Compensation Plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that shareholders be given the opportunity to vote on all equity compensation plans and material revisions thereto, with limited exceptions. We currently do not have any such plan and, pursuant to our bylaws, we would require shareholder approval to adopt an equity compensation plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Corporate Governance Guidelines</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">NYSE rules require that listed companies adopt and disclose corporate governance guidelines. We have adopted the following corporate governance guidelines, either based on Brazilian law, our Code of Ethics or institutional handbook:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">insider trading policy for securities issued by us;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">disclosure of material facts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">disclosure of annual financial reports;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">confidential policies and procedures; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 57.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sarbanes-Oxley Disclosure Committee&#8217;s duties and activities.<A name="_Toc384635108"></A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">16H. Mine Safety Disclosure</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable as none of our mines are located in the United States and as such are not subject to the Federal Mine Safety and Health Act of 1977 or the Mine Safety and Health Administration.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc384635109"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 17. Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have responded to Item 18 in lieu of responding to this item. See &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">PART III</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc384635111"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following consolidated financial statements of the Registrant, together with the report of Deloitte Touche Tohmatsu Auditores Independentes thereon, are filed as part of this annual report. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of income for the years ended December 31, 2016, 2015 (Restated) and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of comprehensive income the years ended December 31, 2016, 2015 (Restated) and 2014</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of cash flow for the years ended December 31, 2016, 2015 (Restated) and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 5</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of changes in shareholders&#8217; equity for the years ended December 31, 2016, 2015 (Restated) and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 6</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Notes to consolidated financial statement</FONT></P></TD>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following consolidated financial statements of MRS Log&#237;stica S.A. together with the report of PricewaterhouseCoopers Auditores Independentes thereon, are filed as part of this annual report. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Page&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Report of Independent Registered Public Accounting Firm</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS-R1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated financial statements:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Balance sheets as of December 31, 2016 and 2015</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of income for the years ended December 31, 2016, 2015 and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of comprehensive income the years ended December 31, 2016, 2015 and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of changes in shareholders&#8217; equity for the years ended December 31, 2016, 2015 and 2014</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 5</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of cash flow for the years ended December 31, 2016, 2015 and 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 7</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Notes to consolidated financial statement</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">The following consolidated financial statements of Nacional Min&#233;rios S.A. together with the report of Deloitte Touche Tohmatsu Auditores Independentes thereon, are filed as part of this annual report. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Page&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Report of Independent Registered Public Accounting Firm</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS-R1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Consolidated financial statements:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Balance sheets as of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Nov</FONT>ember 30, 201<FONT style="FONT-SIZE: 10pt" face="Times New Roman">5 and December 31, </FONT>2014</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of income for the eleven month-period ended November 30, 2015 and for the year ended December 31, 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 2</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of comprehensive income for the eleven month-period ended November 30, 2015 and for the year ended December 31, 2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of changes in shareholders&#8217; equity for the eleven month-period ended November 30, 2015 and for the year ended December 31, 2014 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Statements of cash flow for the eleven month-period ended November 30, 2015 and for the year ended December 31, 2014 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 5</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Notes to consolidated financial statement</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FS- 6</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 19. Exhibits</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100.24%; MARGIN-LEFT: 0.1pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="86%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Description</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Number</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=windowtext face="times new roman">1.1</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=windowtext face="times new roman">Bylaws of CSN. (incorporated by reference from the Registration Statement on Form F-6K (001-14732) filed with the SEC on November&nbsp;27, 2017).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.1</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Form of Amended and Restated Deposit Agreement dated as of November 1, 1997 as amended and restated as of November 13, 1997, among Companhia Sider&#250;rgica Nacional, JP Morgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York), as successor depositary, and all holders from time to time of American Depositary Receipts issued thereunder (incorporated by reference from the Registration Statement on Form F-6 (333-7818) filed with the SEC).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.2</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Form of Amendment No. 1 to the Deposit Agreement (incorporated by reference from the Registration Statement on Form F-6EF (333-115078) filed with the SEC on April&nbsp;30, 2004).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.3</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Form of Amendment No. 2 to Deposit Agreement, including the form of American Depositary Receipt (incorporate by reference from the Registration Statement on Form F-6POS filed with the SEC on January 5, 2011</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4.1</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Investment Agreement, dated November 21, 2014, among Companhia Sider&#250;rgica Nacional, Brazil Japan Iron Ore Corporation, POSCO, China Steel Corporation, CSN Minera&#231;&#227;o and Nacional Min&#233;rios S.A. (incorporated by reference from Annual Report on Form 20-F for the year ended December 31, 2014, filed with the SEC on April 30, 2015).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">
   <A href="exhibit_8-1.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">8.1+</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
   <A href="exhibit_8-1.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">
   <A href="exhibit_8-1.htm">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">List of Subsidiaries</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">
   <A href="exhibit_12-1.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.1+&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
   <A href="exhibit_12-1.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">
   <A href="exhibit_12-1.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">Section&nbsp;302 Certification of Chief Executive Officer. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">
   <A href="exhibit_12-2.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.2+&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
   <A href="exhibit_12-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">
   <A href="exhibit_12-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">Section&nbsp;302 Certification of Chief Financial Officer. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD></TR>

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   <A href="exhibit_13-1.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">13.1+&nbsp;</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="3%">
   <A href="exhibit_13-1.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="86%">
   <A href="exhibit_13-1.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">Section&nbsp;906 Certification of Chief Executive Officer. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD></TR>

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   <TD style="HEIGHT: 32.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="11%">
   <A href="exhibit_13-2.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">13.2+&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

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   <A href="exhibit_13-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD>

   <TD style="HEIGHT: 32.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="86%">
   <A href="exhibit_13-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=#000000 face="times new roman">Section&nbsp;906 Certification of Chief Financial Officer.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></A></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">15.2&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consent of Snowden do Brasil Consultoria Ltda (incorporated by reference to the Annual Report on Form 20-F for the year ended December 31, 2014, filed with the SEC on April 30, 2015) </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1<FONT style="FONT-SIZE: 10pt" face="Times New Roman">6.2</FONT></FONT></P></A></TD>

   <TD vAlign=middle width="3%">
   <A href="exhibit_16-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P></A></TD>

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   <A href="exhibit_16-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cessation Letter from from Deloitte Touche Tohmatsu Auditores Independentes to the Securities and Exchange Commission</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">* Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to the Securities Exchange Act of 1934, as amended.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">+ Filed herewith.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">155</FONT></P>

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&nbsp; <A name="page_156"></A>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SIGNATURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">December&nbsp; 22, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="60%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By: </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">/s/ Benjamin Steinbruch </FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Executive Officer </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By: </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">/s/ &nbsp;&nbsp;Marcelo Cunha Ribeiro</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">156</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>To the Board of Directors and Shareholders of </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif>Companhia Sider&#250;rgica Nacional <BR>S&#227;o Paulo &#8211; SP, Brazil</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=verdana,sans-serif>We have audited the internal control over financial reporting of Companhia Sider&#250;rgica Nacional and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2016, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>A company&#8217;s internal control over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company&#8217;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&#8217;s financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management&#8217;s assessment: the Company did not maintain effective internal control over the monitoring process and management review controls on complex, non-routine or infrequent transactions. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the consolidated financial statements as of and for the year ended December 31, 2016 of the Company, and this report does not affect our report on such financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In our opinion, because of the effect of the material weakness described above on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December&nbsp;31, 2016, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We do not express an opinion or any other form of assurance on management&#180;s statements regarding its disclosures about corrective actions planned by the Company after the date of Management&#180;s assessment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December&nbsp;31, 2016 of the Company and our report dated December&nbsp;22, 2017 expressed an unqualified opinion on those consolidated financial statements which included explanatory paragraphs related to (i) the restatement of the consolidated financial statements as of and for the year ended December 31, 2015; and (ii) the ability to continue as a going concern of the joint-controlled entity Transnordestina Log&#237;stica S.A.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif>Auditores Independentes</FONT></FONT><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif> </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif>S&#227;o Paulo, Brazil</FONT></FONT></P>

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<P style="MARGIN: 1in 0in 10pt"><FONT face=Arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>To the Board of Directors and Shareholders of</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>Sao Paulo, Brazil</FONT></U></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>We have audited the accompanying consolidated balance sheets of Companhia Sider&#250;rgica Nacional and subsidiaries (the "Company") as of December 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Company's management. Our responsibility is to express an </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>opinion</FONT><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif> on these financial statements based on our audit. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board &#8211; PCAOB (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Companhia Sider&#250;rgica Nacional and subsidiaries as of December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2016, in conformity with International Financial Reporting Standards &#8211; IFRS, as issued by the International Accounting Standards Board &#8211; IASB. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>As discussed in note 2.a.b) to the consolidated financial statements, the accompanying consolidated financial statements for the year ended December 31, 2015 have been restated to:&nbsp; (a)&nbsp;change in the previous business combination accounting, because management has revised the fair value measurement in connection with an acquisition occurred during 2015, conducted by the subsidiary Congonhas Min&#233;rios S.A.; and (b)&nbsp;record an allowance over deferred income tax assets, as a consequence of a revised analysis performed by management on the recoverability of such deferred income tax assets. Our opinion is not modified with respect to this matter. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>As discussed in note 10.d) to the consolidated financial statements, the new railroad network of the joint-controlled entity Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) is currently under construction, and certain terms on the concession agreement are still under discussion with the relevant governmental agencies.&nbsp; The completion of the project and consequent commencement of operations depend on the continuing contribution of funds by its shareholders and third parties.&nbsp; Those events or conditions, along with other matters described on such note, indicate that a material uncertainty exists, which raises substantial doubt on TLSA's ability to continue as a going concern. TLSA&#8217;s Management's plans in regard to these matters are also described in Note 10.d. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.</FONT></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board &#8211; PCAOB (United States), the Company's internal control over financial reporting as of December 31, 2016, based on the criteria established in Internal Control &#8212; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission &#8211; COSO, and our report, dated December 22, 2017 expressed an adverse opinion on the Company's internal control over financial reporting because of a material weakness</FONT></FONT><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>/s/ DELOITTE TOUCHE TOHMATSU</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif>Auditores Independentes</FONT></FONT><FONT face=Arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=verdana,sans-serif> </FONT></FONT></P>

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

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015 (*)</FONT></B></P>

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CURRENT ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,871,162</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,861,052</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>760,391</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>763,599</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,997,216</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,578,277</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,964,136</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,941,314</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>852,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,286,449</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,444,918</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,430,691</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" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NON-CURRENT ASSETS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14.b</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>70,151</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>78,066</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,675,820</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,583,921</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,745,971</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,661,987</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" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint controlled entities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,568,451</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,998,239</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,135,879</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17,826,226</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,258,404</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,422,266</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31,708,705</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,908,718</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>44,153,623</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>47,339,409</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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="58%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="100%" colSpan=4>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The adjustments did not impact the balances of 01/01/2015 and therefore the third column of the balance sheet is not being presented. </FONT></P>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

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

<TR>

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   <TD width="15%">&nbsp;</TD>

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<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-1</FONT></P>

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



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<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <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: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

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

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <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: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

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

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

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

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<TR style="HEIGHT: 11.35pt">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

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

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

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Liabilities and shareholders&#8217; equity</FONT></B></P></TD>

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></B></P></TD>

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015 (*)</FONT></B></P>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CURRENT LIABILITIES</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>253,837</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>256,840</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,763,206</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,293,008</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>231,861</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>457,391</FONT></P></TD></TR>

<TR style="HEIGHT: 10.55pt">

   <TD style="HEIGHT: 10.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 10.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 10.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,117,448</FONT></P></TD>

   <TD style="HEIGHT: 10.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,874,681</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,021,724</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,073,017</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>108,607</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>127,262</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,496,683</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,082,199</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" width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NON-CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,323,570</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,407,834</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,137</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,284</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16.b</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,046,897</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,072,033</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>704,485</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>711,472</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Pension and healthcare plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28.c</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>719,266</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for environmental liabilities and decommissioning of assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>347,064</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328,931</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31,272,419</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,165,922</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Issued capital</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>238,976</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>238,976</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" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury Shares</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated Profit / (Loss) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,301,961)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(367,214)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,956,459</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,790,693</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total equity attributable to owners of the Company</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,194,528</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,963,509</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interests</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,189,993</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,127,779</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,384,521</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,091,288</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>44,153,623</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp; 47,339,409</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="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <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="15%">&nbsp;</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="100%" colSpan=5>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The adjustments did not impact the balances of 01/01/2015 and therefore the third column of the balance sheet is not being presented. </FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="84%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <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: 11.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-2</FONT></P></DIV>

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



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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="15%">

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

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;Thousands of Brazilian Reais, except for the earnings (loss) per common share</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Net Revenue from sales and/or services </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17,148,949</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,261,697</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,126,232</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Cost of sales and/or services </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,640,042)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,740,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,592,382)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Gross profit </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,508,907</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,521,596</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,533,850</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Operating income (expenses)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,563,431)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,528,907</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,715,837)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Selling expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,696,896)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,430,189)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,041,975)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;General and administrative expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(518,232)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(470,332)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(438,383)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other operating income </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>663,509</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,610,347</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>90,488</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other operating expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,076,730)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,341,191)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(657,127)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity in results of affiliated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>64,918</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,160,272</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>331,160</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Profit before financ<FONT style="FONT-SIZE: 8pt" face=Arial>ial</FONT> income (expenses) and taxes </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,945,476</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,050,503</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,818,013</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Financial income </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>643,590</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>487,720</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>171,552</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Financial expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,166,017)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,852,882)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,252,985)</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Profit (Loss) before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(576,951)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,685,341</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(263,420)</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Income tax and social contribution </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16.a</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(266,546)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,903,216)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>151,153</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit (Loss) from continued operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(843,497)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,217,875)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(123,873)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit (Loss) from discontinued operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,561)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,911</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,606</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net income (loss) for the year </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(853,058)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,215,964)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,267)</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Profit (Loss) for the year attributed to:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Controlling interests</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(934,747)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,214,122)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(105,218)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Non-controlling interests </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>81,689</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,842)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,049)</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" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Earnings (loss) per common share - (reais/share) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Basic</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21.g</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.6<FONT style="FONT-SIZE: 8pt" face=Arial>2857</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.89<FONT style="FONT-SIZE: 8pt" face=Arial>597</FONT>)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.07<FONT style="FONT-SIZE: 8pt" face=Arial>941</FONT>)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Diluted</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21.g</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.62857)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.89597)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.07941)</FONT></P></TD></TR>

<TR>

   <TD width="43%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-3</FONT></P></DIV>

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

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="45%" colSpan=3>

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

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <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: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <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: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 2cm; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2cm; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">&nbsp;</TD>

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

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

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

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

   <TD style="HEIGHT: 2cm; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 2cm; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 2cm; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated profit (loss) for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(853,058)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,215,964) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,267)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other comprehensive income </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,065,766</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,190,803) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(691,832)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Items that will not be subsequently reclassified to the statement of income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gains on defined benefit plan from investments in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>230</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,221</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial (losses) gains on defined benefit pension plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(219,417)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>92,221 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(95,175)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution on actuarial (losses) gains on defined benefit pension plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,619)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(64,756)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,360</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif> </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(221,949)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27,695 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,594)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Items that could be subsequently reclassified to the statement of income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the year</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(486,890)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>513,685</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,227</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Change in fair value of available-for-sale assets financial assets&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>711,942</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(969,701)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(971,808)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution on available-for-sale financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>174,128</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>330,415</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif> </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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>555,298</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>205,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution on impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,269) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,700)</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif> </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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Loss) gain on percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,299</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,980</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,754)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(Loss) gain on cash flow hedge accounting </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,005,968</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,410,896) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,633)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution on (loss) gain on cash flow hedge accounting </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,014)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,015</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash Flow hedge reclassified to income statement</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.b</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>77,444</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,439</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 19.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Loss) gain on hedge of net investments in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.b</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>77,952</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,148)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,715</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,218,498) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(631,238)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Comprehensive income (loss) for the year </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>312,708</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,406,767) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(804,099)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Attributed to owners of the Company</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>231,019</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,404,925) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(797,050)</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" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Attributed to non-controlling interests</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>81,689</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,842) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,049)</FONT></P></TD></TR>

<TR>

   <TD width="43%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

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

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



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

<A name="page_163"></A>

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=8>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=8>

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=8>

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=8>

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

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Profit (Loss) for the year</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(853,058)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,215,964)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(112,267)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustments to reconcile net income (loss) to net cash provided by operations</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="12%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="12%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Accrued charges on borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,944,558</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,889,163</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,782,681</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Charges on loans and financing granted</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(58,731)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(65,084)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(41,373)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation/ depletion / amortization </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11.a</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,322,497</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,176,840</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,281,485</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equity in results of affiliated companies</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>10</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(64,918)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,160,348)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(331,160)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,368</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,767,545</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(679,323)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,642)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,965</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,302</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Monetary variations and exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,038,018)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,389,448</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,185,761</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision of swaps/forwards transactions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,467)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,086</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,869</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>555,298</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>205,000</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proceeds from disposal of assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>88,339</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,466</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,232</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on repurchase of debt securities</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(146,214)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(166,642)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for actuarial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,803)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,193</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,350</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on business combination</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(66,496)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,297,499)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on disposal of available for sale assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(252,023)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for environmental liabilities and decommissioning of assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,133</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of Transnordestina</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>387,989</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(993)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101,855</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,825</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,291,521</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,072,322</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,368,382</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=8>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in assets and liabilities</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade receivables - third parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(388,469)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>208,488</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>88,736</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade receivables - related parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,956)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,439</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(143,218)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>947,834</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(726,800)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(917,193)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Receivables from related parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,082</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,545,142</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>263,569</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>275,018</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(537,669)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,944)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,910</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,415)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>203,065</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>482,009</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>301,118</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>219,353</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,691)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,734</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,777</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes in installments - REFIS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(253,374)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(176,737)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(567,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payables to related parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,726)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(69,412)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,080</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,050,036)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,964,826)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,744,954)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest received</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,636</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,402</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,609</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest on swaps paid</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,999)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,279)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(97,841)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,377</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,726</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase (Decrease) in assets and liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,015,603)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,159)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,544,673)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>275,918</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,069,163</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>823,709</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%"></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments / acquisition of shares</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(190,435)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,727,036)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,376)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Purchase of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,628,694)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,616,173)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,848,496)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital reduction on joint venture</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>466,758</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payment in derivative transactions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(722,443)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>903,153</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,607</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Purchase of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,119)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,462)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(727)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents in Namisa consolidation</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>456,364</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans - related-party</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>127,366</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans granted to related parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(96,461)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(61,217)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Short-term investment, net of redeemed amount</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,208</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(728,725)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,117)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Receipt loans &#8211; related party</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>443,345</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and Cash equivalents from discontinued operations</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>331,835</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and Cash equivalents on acquisition of control</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>941</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash used in investing activities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,305,168)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,864,993)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,657,743)</FONT></B></P></TD></TR></TABLE></DIV>

<DIV></DIV>

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



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Borrowings and financing raised</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>22,597</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>411,793</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>1,908,229</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Cost of borrowing</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(26,844)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(38,302)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(9,623)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Payment of borrowings</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(398,699)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(2,380,968)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(1,241,461)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Payment of borrowings - related parties </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(52,839)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(46,585)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Payment of dividends and interests on shareholder&#8217;s equity</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(53)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(549,835)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(424,939)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(9,390)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(909,204)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Forfaiting funding / drawee risk</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>78,240</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>924,706</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>641,430</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Forfaiting amortization / drawee risk</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(407,155)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(1,146,306)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(276,754)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Buyback of debt securities</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(151,098)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(249,627)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #deeaf6; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(172,432)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>Net cash used in financing activities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(883,012)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(3,090,768)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" color=#000000 face=arial,sans-serif>(531,339)</FONT></B></P></TD></TR></TABLE>

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



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate changes on cash and cash equivalent<FONT style="FONT-SIZE: 8pt" face=Arial>s of foreign subsidiaries</FONT></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(77,628)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,629</FONT></B></P></TD>

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

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>55,722</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase (Decrease) in cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,989,890)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(824,969)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,309,651)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,861,052</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,686,021</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,995,672</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents at the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,871,162</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,861,052</FONT></B></P></TD>

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

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,686,021</FONT></B></P></TD></TR>

<TR>

   <TD width="52%" colSpan=2>&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=8>

   <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: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=8>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;The accompanying notes are an integral part of these consolidated financial statements. </FONT></P></TD></TR></TABLE>

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

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



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<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consolidated Statement of Changes in Shareholders&#180; Equity</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

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

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

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

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Paid-in Capital</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital Reserve</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Earnings Reserve</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders&#180;Equity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-Controlling interests</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,839,568</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>716,972</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,096,570</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,511)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,069,059</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,609,204)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,609,204)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,609,204)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(909,204)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(909,204)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(909,204)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Declared dividends (R$495.16 per thousand shares)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(700,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(700,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(700,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(99,066)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(691,832)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(790,898)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,049)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(797,947)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,218)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,218)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,049)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,267)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,152</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(691,832)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(685,680)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(685,680)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,227</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,227</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,227</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain(loss) on defined benefit pension plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,442)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,442)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,442)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain recycled to retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,152</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,152)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loss on available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(506,093)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(506,093)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(506,093)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,754)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,754)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,754)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,618)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,618)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,618)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Internal changes in shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(99,066)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,066</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reversal of statutory working capital reserve</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(99,066)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,066</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interests in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,067</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,067</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,131,298</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,140</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,696,468</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,507</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,734,975</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(284,390)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(284,390)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(284,390)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,390)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,390)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,390)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Declared dividends (R$202.63 per thousand shares)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(275,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(275,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,214,122)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,765,553</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>551,431</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,842)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>549,589</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit (loss) for the year (Restated)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,214,122)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,214,122)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,842)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,215,964)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,765,553</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,765,553</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,765,553</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>513,685</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>513,685</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>513,685</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain (loss) on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,695</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,695</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,695</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain (Loss) on available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(273,544)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(273,544)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(273,544)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Loss)/Gain on percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,980</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,980</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,980</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain/(loss) on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,440,471)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,440,471)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,440,471)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain/(loss) on net investment hedge</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,148)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,148)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,148)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain/(loss) on business combination</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,956,356</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,956,356</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,956,356</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Internal changes in shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(846,908)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>846,908</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,091,114</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,091,114</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Earnings reserve</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(846,908)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>846,908</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interests in subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,091,114</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,091,114</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2015 (Restated)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(367,214)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,790,693</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,963,509</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,127,779</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,091,288</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(934,747)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,165,766</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>231,019</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,689</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>312,708</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit (loss) for the year</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(934,747)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(934,747)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,689</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(853,058)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,165,766</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,165,766</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,165,766</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(486,890)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(486,890)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(486,890)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain(loss) on defined benefit pension plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221,949)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221,949)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221,949)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>711,942</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>711,942</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>711,942</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,299</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,299</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,299</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain(loss) on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,083,412</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,083,412</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,083,412</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain(loss) on net investment hedge, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,952</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,952</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,952</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Internal changes in shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,475)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,475)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interests in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,475)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,475)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,301,961)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,956,459</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,194,528</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,189,993</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,384,521</FONT></B></P></TD></TR>

<TR>

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   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

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

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



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

<A name="page_165"></A>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV>

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



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(Expressed in thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional &#8220;CSN&#8221;, also referred to as the 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 at Av. Brigadeiro Faria Lima, 3.400, 19<SUP>th</SUP> and 20<SUP>th</SUP> floors, Itaim Bibi, S&#227;o Paulo, Brazil, CEP 04538-132.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CSN has shares listed on the S&#227;o Paulo Stock Exchange (BM&amp;F BOVESPA) and on the New York Stock Exchange (NYSE), under the code SID. Accordingly, the Company reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Group's main operating activities are divided into five (5) operating segments as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Steel:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Mining:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, State of Minas Gerais. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Iron ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand, strategies adopted by the major steel producers and the foreign exchange rate. All these factors are beyond the Company&#8217;s control. The ore transportation is </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=windowtext face=Arial,sans-serif>accomplished</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On November 30, 2015 the Company has transferred to its subsidiary CSN Minera&#231;&#227;o S.A. (previous Congonhas Min&#233;rios S.A.) the mining assets, the logistical infrastructure, including the mine Casa de Pedra, the right to operate the terminal TECAR S.A</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=black face=Arial,sans-serif> and equity interest in MRS Log&#237;stica S.A. ("MRS")</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>. On the same date, </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=black face=Arial,sans-serif>the business combination of Nacional Min&#233;rios S.A (&#8220;Namisa&#8221;), result in participation of Asian Consortion of 12.48% stake in CSN Minera&#231;&#227;o S. A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 raw materials being sold to subsidiaries and third parties. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Cement:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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), is installed the 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In the second half of 2016, the Company started the operation of a new clinker kiln in Arcos, where the company already operates a clinker kiln using its limestone of a company-owned mine and two cement mills. With this project, the cement production capacity in the Southeast will reach 4.4 million tons per year. At a later stage the Company evaluates the deployment of an advanced milling unit, adding another 1 million tons.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Railroads:</FONT></I></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-7</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN has interests in three railroad companies: MRS Log&#237;stica S. A., which explores 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;), concessionaires of &nbsp;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 sections of Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro-Porto de Suape and Miss&#227;o Velha-Porto de Pec&#233;m (Railway System II) and FTL being responsible for the sections rail links of S&#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&#225;-Jorge Lins (Railway System I).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Ports</FONT></I><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>: </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In the State of Rio de Janeiro, by means of its subsidiaries Sepetiba Tecon S.A. and CSN Minera&#231;&#227;o 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Energy:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The note 27 - &#8220;Segment Information</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&#8221;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif> details the financial information per each of CSN&#180;s business segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Going Concern</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On December 31, 2016, the Company has borrowings amounting to R$30.5 billion, of which R$28.3 billion have maturities in the long term, as mentioned in note 13 to the financial statements. During 2017, the Company amortized principal and interest in the amount of approximately R$4.0 billion. During 2018 the borrowings are expected to be repaid and, including interest to be incurred next year, amount to approximately R$7.7billion. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The financial leverage may adversely affect the businesses, financial conditions and operating results. Which can entail the following considerations:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 32.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Allocation of a substantial part of the cash generated from operations for repayment of the borrowings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 32.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Exposure (i) to fluctuations in interest rates due to the renegotiation of debts and new borrowings taken, and fluctuations in exchange rates since a significant part of the borrowings is denominated in foreign currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 32.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Increase in the economic and financial vulnerability due to adverse conditions of the industry and segment, limiting the funds available in the short term, considering the high financial leverage and the expected cash disbursements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 32.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Limitation of the Company&#8217;s ability to enter into new businesses (acquisitions) until the financial leverage is reduced;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 32.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Limitation of the Company&#8217;s ability to obtain new credit lines under more favorable interest conditions due to the risks associated to the current financial leverage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company&#8217;s ability to continue operating depends on the achievement of operating targets defined by Management, in addition to refinancing of contracted debts, and/or actions related to financial deleveraging.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In addition to the continuous focus on improvement in operating income, which showed an evolution in 2016 when compared to the previous year, Management has various actions in progress to increase the Company&#8217;s liquidity through an extension of borrowing payment terms. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>This plan was started in 2015, with the renegotiation of R$ 2.5 billion with Caixa Econ&#244;mica Federal and R$ 2.2 billion with Banco do Brasil S.A, postponing the maturities from 2016 and 2017 to 2018 through 2022. In 2016, the Company </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>extended the installments of certain NCE contracts amounting to R$ 100 million and prepayments of US$ 66 million with Bradesco, postponing the maturities from 2016 to 2019.&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>M</FONT>anagement remains committed to the plan to extend&nbsp;debt payment term, mainly those of short term, estimating the renegotiation of borrowings at R$ 1.5 billion.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-8</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Additionally, Management studies alternatives to financial deleverage from the disposal of non-strategic assets; however, it is not possible to affirm that the sale of assets will occur within a 12-month period. Thus, the Company did not segregate and did not reclassify any assets in the financial statements as discontinued operations in accordance with IFRS 5. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Based on Management&#8217;s cash flow projections that covered the period until December 2018 as of the date of these financial statements, which depend on factors such as the achievement of production targets, sales volumes and prices, as well as on renegotiations of borrowings, Management believes that the Company has appropriate resources to continue as a going concern in a reasonably estimable period of time. Accordingly, the Company&#8217;s financial statements for the year ended December 31, 2016 have been prepared on the assumption that the Company will continue as a going concern.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.a) Basis of preparation </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). All the relevant information of the financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. It is disclosed in the notes to this report all subjects involving a high degree of judgment or complexity or when assumptions and estimates are significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. &nbsp;Actual results may differ from these estimates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The financial statements are presented in thousands of Brazilian <FONT style="FONT-SIZE: 9pt" face=Arial>R</FONT>eais (R$). Depending on the applicable IFRS standard, the measurement criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable amount. When the IFRS allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the criteria used.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The consolidated financial statements were approved by the Board of Directors on </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>December 22, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.b) Consolidated financial statements </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The accounting policies have been consistently applied to all consolidated companies. </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 include the following direct and indirect subsidiaries, joint ventures and joint operations, as well as the exclusive funds, as follows:</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-9</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<IMG border=0 src="table02.gif"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) They are Dormant Companies, therefore they do not appear in the note 10.a, where is disclosed business information under the equity method and classified as available for sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Events in 2016:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) Company terminated;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2) New corporate name of Minera&#231;&#227;o Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3) Company sold to Can-Pack, as note 4;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(4) New corporate name of Congonhas Min&#233;rios S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(5) Control acquisition, as note 3.2;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(6) Company was incorporated by indirect subsidiary CSN Mining GmbH;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(7) New corporate name of Namisa Handel GmbH;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(8) New corporate name of Namisa Asia Limited;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(9) Company constituted;</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Exclusive funds</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity Interests (%)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exclusive funds</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Core business</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Diplic II&nbsp; - Private credit balanced mutual fund </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Caixa V&#233;rtice - Private credit balanced mutual fund</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>VR1 &#8211; Private Credit balanced mutual fund</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Diplic&nbsp; - Private credit balanced mutual fund (1)</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>BB Steel &#8211; Private Credit balanced mutual fund (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

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

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>&nbsp;&nbsp; (1) Multimarket investment fund fully redeemed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>In preparing the consolidated financial statements, we have adopted the following consolidation procedures:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Transactions between subsidiaries, associates, joint ventures and joint operations&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Unrealized gains on transactions with subsidiaries, joint ventures and associates are eliminated to the extent of CSN&#8217;s equity interests in the related entity by the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs, cost of sales and income tax and social contribution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting policies are also in line with the policies adopted by the CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Subsidiaries are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its power to affect its returns. &nbsp;The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Joint ventures and joint operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Joint arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each investor. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Joint operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations. Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually in the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Joint ventures are accounted for under the equity method and are not consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Associates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Associates are all entities over which the Company has significant influence but not control, generally through a shareholding percentage from 20% up to 50% of the voting rights. Investments in associates are accounted for under the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>equity method and are initially recognized at cost. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-11</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly in shareholders' equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>When the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.c) Foreign currencies </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>i.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Functional and presentation currency</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Items included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated financial statements are presented in Brazilian Reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>ii.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Transactions and balances</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions and from the translation at exchange rates in effect as of December 31, 2016 related to monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result of foreign operation characterized as foreign investment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December 31, 2016, US$1 is equal to R$3</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=black face=arial,sans-serif>.2591 </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(R$3.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>9048 </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>at December 31, 2015) and &#8364;1 is equal to R$3.4384 (R$4.2504 at December 31, 2015), according to the rates obtained from Central Bank of Brazil website.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>All other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in shareholders' equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Exchange differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale are included in comprehensive income in shareholders' equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>iii.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Group companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-12</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates); &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>All resulting exchange differences are recognized as a separate component in other comprehensive income; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially disposed or sold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.d) Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Cash and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90 days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Bank certificates of deposit and government securities that do not meet the above criteria are not considered cash equivalents and are classified as financial investments, according to note 6. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.e) Trade receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Trade receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial position, as well as the opinion of their legal counsel regarding the collection of these receivables for recognizing the allowance for estimated losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.f) Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated costs of completion and costs necessary to make the sale.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> &nbsp;The allowance for estimated losses on slow-moving or obsolete inventories are recognized when considered necessary. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Stockpiled ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs necessary to transform stockpiled inventories into finished goods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.g) Investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Investments in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale investments that impact the subsidiaries&#8217; shareholders' equity, are recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s shareholders' equity, and are only recognized in profit or loss when the investment is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>When necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-13</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2h) Business combination</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.i) Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Property, plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 11. The depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement and consequently reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>If some components of property, plant and equipment have different useful lives, these components are accounted for in separate line items of property, plant and equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating income (expenses)&#8217;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Exploration expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Research and analysis of historical data related to area exploration;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Topographic, geological, geochemical and geophysical studies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Determine the mineral asset&#8217;s volume and quality/grade;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Examine and test the extraction processes and methods;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Topographic surveys of transportation and infrastructure needs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Market and financial studies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. The development stage includes:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Drillings to define the ore body;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Access and draining plans;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Stripping costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine, before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Stripping costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is made to access deeper deposits of than where ore body is located. In these cases, costs are capitalized and taken to noncurrent assets when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&#8217;s useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-14</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.j) Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Intangible assets comprise assets acquired from third parties, including through business combinations. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>These assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis method based on the estimated periods of exploration or recovery </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Mineral rights acquired are classified in line item &#8220;other assets&#8221; in intangible assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Goodwill</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values of the acquiree&#180;s assets and liabilities. Goodwill on acquisitions of subsidiaries is recognized as intangible assets in the consolidated financial statements. The gain on purchase is recognized as a gain in profit for the period at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Goodwill is allocated to CGUs for impairment testing purposes. The allocation is made to CGUs of CGUs that are expected to benefit from the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Software</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Software licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs are amortized on a straight-line basis over the estimated useful lives from one to five years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.k) Impairment of non-financial assets </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Assets with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by the exciding value of an asset&#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.l) Employee benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>i.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Employee benefits </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Defined contribution plans </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12) months after the end of the period in which the employee provides services are discounted to their present values. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Defined benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value. The discount rate is the yield presented at the end of the reporting period for top </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified actuary using the projected unit credit method.&nbsp; When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan.&nbsp; The present value of economic benefits is calculated taking into account the funding requirements applicable to the Company&#8217;s plans. An economic benefit is available to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.&nbsp; </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-15</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized in profit or loss until the benefits become vested. When benefits became vesting rights, all actuarial gains or losses are immediately recognized in profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income. If the plan is extinguished, actuarial gains and losses are recognized in profit or loss. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>ii.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Profit sharing and bonus</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Employee profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and administrative expenses when such goals are met.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.m) Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation and it has reliable cost estimation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). Success fees are accrued to the extent that they make it probable that disbursements will occur. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the receivable can be measured reliably.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.n) Concessions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&#180;s subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&#237;, managed by the subsidiary Sepetiba Tecon and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary CSN Minera&#231;&#227;o.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company&#180;s concession contracts are not within the scope of the international interpretative standard IFRIC 12, considering that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will be provided by the dealer (refers to the private part) to the customers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>In essence, all concession contracts has operating leasing characteristics. Therefore, the accounting should follow the accounting rules applicable to leases. Our concession agreements provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or option to buy these assets after the completion of these contracts. Payments made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-16</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>There are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The residual carrying amounts of these assets on December 31, 2016 are listed below with an indication of their classification in our financial statements:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Concession</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net book value (R$)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Classification in balance sheet</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sepetiba Tecon S.A. (TECON)</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: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>million</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

<TR style="HEIGHT: 12.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Tecar</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp; 1,514 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;million </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

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   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

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

<TR style="HEIGHT: 12.4pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Ferrovia Transnordestina Log&#237;stica S.A. (FTL)</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>280 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;million </FONT></P></TD>

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

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

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

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<TR style="HEIGHT: 14.4pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A. (TLSA)</FONT></P></TD>

   <TD style="HEIGHT: 14.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,413 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;million (1)</FONT></P></TD>

   <TD style="HEIGHT: 14.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">&nbsp;</TD>

   <TD style="HEIGHT: 14.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A. (MRS)</FONT></P></TD>

   <TD style="HEIGHT: 14.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

   <TD style="HEIGHT: 14.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp; 3,576 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;million (2)</FONT></P></TD>

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

   <TD style="HEIGHT: 14.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt">

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1)&nbsp;&nbsp;&nbsp; The amount of fixed and intangible assets is recognized in TLSA&#8217;s financial statements. We recognize our interest in the net assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2016 was R$1,491,358.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(2)&nbsp;&nbsp;&nbsp; The amount of fixed and intangible assets is recognized in MRS&#8217;s financial statements. We recognize our interest in the net assets of MRS by the de equity method and our investment balance consolidated in MRS as of December 31, 2016 was R$ 1,711,558. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.o) Share capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Common shares are classified in shareholders' equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Incremental costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount received, net of taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>When any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or sold. When these shares are subsequently sold, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.p) Revenue recognition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Operating revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of term of the contract term.</FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-17</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.q) Financ<FONT style="FONT-SIZE: 9pt" face=Arial>ial</FONT> income and financ<FONT style="FONT-SIZE: 9pt" face=Arial>ial expenses</FONT> </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financ<FONT style="FONT-SIZE: 9pt" face=Arial>ial</FONT> income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or loss when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for under the equity method reduce the investment value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financ<FONT style="FONT-SIZE: 9pt" face=Arial>ial</FONT>&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>expenses</FONT> comprise interest expenses on borrowings, dividends on preferred shares classified as liabilities, losses on the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on derivative instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Foreign exchange gains and losses are reported on a net basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.r) Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Current income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related to business combinations or items recognized directly in shareholders' equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures when it is probable that they will not reverse in the foreseeable future. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws enacted by the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible temporary differences can be utilized. Annually, the Company reviews and verifies the existence of future taxable income and a provision for loss is recognized when the realization of these credits is not likely. </FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-18</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.s) Earnings/(Loss) per share </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Basic earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss per share are equal to basic earnings/loss per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.t) Environmental and restoration costs &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.u) Research and development</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Research expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful, based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of the expected benefit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.v) Financial instruments </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Financial assets </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Financial assets measured at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments. Assets in this category are classified in current assets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Loans and receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>This category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables, other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value.&nbsp; Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Held-to-maturity assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>These are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-19</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>These are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category. They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Recognition and measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets measured at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Gains or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange differences and the changes in the fair value of the investment in the investee&#8217;s capital are recognized directly in the Company&#8217;s shareholders&#8217; equity, in &#8220;Other comprehensive income&#8221; and; (ii) the effects of foreign exchange differences and the changes in the option&#8217;s fair value are recognized in the income statement for the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and relies as little as possible on entity-specific inputs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Impairment of financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company evaluates in the end of each reporting period whether there is an evidence that a financial asset or a group of financial assets are impaired.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Assets measured at amortized cost</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;),such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and the future cash flow estimation can be reliably calculated..</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The criteria used by CSN to determine whether there are evidences of impairment loss includes:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>significant financial weakness related to the issuer or counterparty;</FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-20</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>a breach of contract, such as default or delinquency at interest or principal payments;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>the issuer, for economic or legal reasons relating to the borrower&#8217;s financial weakness, grants to the borrower a concession that the lender would not otherwise consider;</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>it becomes probable that the borrower will incur in bankruptcy or other financial reorganization;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>the disappearance of an active market for the related financial asset because of financial weakness; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>- Adverse changes in the payment status of borrowers in the portfolio; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>- National or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment loss is reversed and recognized in the consolidated income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Assets classified as available-for-sale</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>In the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment in an equity instrument below of its cost is also an evidence of impairment. Determining what is considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as the financial health and short-term business prospects for the investee, including factors such as: &nbsp;industry and segment performance, changes in technology and operating/financial cash flows. If any of the impairment evidences is observed for available-for-sale financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity to profit or loss. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CSN tested for impairment its available-for-sale investment in Usiminas shares, see note 14 &#8211; Financial Instruments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Financial liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial liabilities are classified into categories &#8220;measured at fair value through profit or loss&#8221; and &#8220;other financial liabilities&#8221;. Management determines the classification of its financial liabilities at the time of initial recognition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial liabilities measured at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial liabilities measured at fair value through profit or loss are financial liabilities held for trading or designated as at fair value through profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Derivatives are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-21</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Other financial liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Other financial liabilities are measured at amortized cost using the effective interest method. The Company holds the following non-derivative financial liabilities: borrowings, financing and debentures as well as trade payables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Offsetting of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset and settle the liability simultaneously. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Derivative instruments and hedging activities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Derivatives measured at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Derivatives are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured at their fair value and any changes are recognized as &#8220;Finance income (costs)&#8221; in the income statement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Cash flow Hedge </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk associated to the cash flows from forecast, highly probable exports (cash flow hedges).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>At the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items, as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment, both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized on equity, in line item "Hedge accounting&#8221;. Any gain or loss related to the ineffective portion is recognized immediately in other operational income(expenses), if applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amounts accumulated in equity are&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>reclassified to</FONT>&nbsp;the income statement in the periods when the forecast exports affect profit or loss. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>When a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria, or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in &nbsp;equity at the time remain recognized in &nbsp;equity &nbsp;and, from that moment, the exchange variations are recorded in the financial income (expenses). When the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer expected to take place, the cumulative gain or loss previously recognized in shareholders&#8217; equity is immediately transferred to the income statement, in line item &#8220;Other operating income (expenses)&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The movements in the hedge amounts designated as exporting cash flow hedges are stated in note 14 &#8211; Financial instruments.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Net investment hedge </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>For net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments with functional currencies other than the Group&#8217;s functional currency, according to IAS 39. Such relationship occurs since the maturity of the financial liabilities is related to the exchange variation of the investments in the amounts required for the effective relationship.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking out various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values of the hedged item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-22</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge is recognized in equity in line item &#8220;Hedge Accounting&#8221;. The gain or loss relating to the ineffective portion is recognized in finance income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss as a Other operating income/(expenses) (ineffectiveness of the hedge).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The changes in the amounts of hedge denominated as Net investment hedge are shown in note 14 &#8211; Financial Instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.w) Segment information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group.&nbsp; All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated to the segment and assessment of its performance. The Company maintains distinct financial information for the distinct segments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>2.x) Government grants </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Government grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 25.5pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company has state tax incentives in the North and Northeast regions, which are recognized in profit or loss as a reduction of the corresponding costs, expenses and taxes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>2.y) Noncurrent assets held for sale and discontinued operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Noncurrent assets and groups of assets are classified as held for sale if their carrying amount is recovered mainly through a sale transaction and not through continued use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The criteria for classification of items held for sale are considered to be met only when the sale is highly probable and the asset or group of assets is available for immediate sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Assets and liabilities classified as held for sale are presented separately as current items in the balance sheet.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Classification as a discontinued operation occurs through disposal, or when the transaction meets the criteria to be classified as held for sale if this occurs earlier. A discontinued operation is a component of a Group business which comprises operations and cash flows that may be clearly distinct from the rest of the Group and represent a separate business line or geographical area of &#8203;&#8203;operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The result of discontinued operations is presented in a single amount in the income statement, including the total income after income tax of these operations, less any impairment loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>2.z) New standards and interpretations issued and not yet adopted </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The following standards and interpretations have been issued, but have not yet effective and were not early adopted by the Group for the year ended December 31, 2016:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Standard</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Main items introduced by the standard</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Effective date</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS 9 &#8211; Financial Instruments</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>IFRS 9 retains but simplifies the combined measurement model and establishes two main measurement categories of financial assets: amortized cost and fair value. The classification basis depends on the entity business model and the characteristics of the financial asset&#8217;s contractual cash flow.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>IFRS 9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk is recognized in &#8220;other comprehensive income&#8221; and not in profit or loss for the period.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However, it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The requirements for derecognition of financial assets and liabilities under IFRS 9 are carried forward from IAS 39. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>We are currently evaluating whether we will engage a third party specialist to assist us in the process of reviewing our financial assets and financial liabilities, including our available-for-sale securities classified as other comprehensive income, as well as our hedge accounting designated to our foreseeable future export transactions. As this process is still ongoing we are currently unable to anticipate the impacts we will have upon the application of IFRS 9 as from January 1<SUP>st</SUP>, 2018. However, we might measure certain financial assets at fair value through other comprehensive income since from some of those assets we collect contractual cash flows and also sell them to other parties. Even in those transactions, we don&#8217;t expect significant changes in our results since they usually are short-term transactions when they occur. Additionally, we might have an impact in our expected credit losses upon transition to IFRS 9 until we adjust some of our credit granting policies to avoid losses to our results.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS15 &#8211; Revenue from Contracts with Customers</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>This new standard introduces the principles that an entity will apply to determine the revenue measurement and when such revenue shall be recognized.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>IFRS 15 replaces IAS 11 &#8211; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Construction Contracts</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>, IAS 18 - </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> and related interpretations.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>We are currently in the process of assessing the impacts that IFRS 15 application will produce in the manner we recognize revenues from our different operations as well as in our internal controls environment. For the assessment of the impacts we are identifying the contracts we have with our customers and reviewing the enforceable rights and obligations that exist in order to apply IFRS 15 accordingly. We are reviewing the performance obligations those contracts have and determine whether there are distinct goods and services that shall be accounted for separately. Also, as part of the assessment, we are reviewing the transaction prices to identify fixed or variable considerations and whether there are effects of the time value of money to be adjusted and, accordingly, allocate the transaction price to each performance obligation of the contracts.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>If a stand-alone selling price is not observable, we will determine a methodology to estimate it. In certain cases, the transaction price may include a discount or a variable amount of consideration that relates entirely to a part of the contract.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The amount of revenue to be recognized will be the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time or over time. For performance obligations that will be satisfied over time, we will apply a methodology to recognize revenue over time by selecting an appropriate method for measuring our progress towards complete satisfaction of that performance obligation.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>We are currently evaluating whether we will engage a third party specialist to assist us in the process of reviewing our revenues streams and the related contracts with customers. As this process is still ongoing we are currently unable to anticipate the impacts we will have when accounting for our revenues as from January 1<SUP>st</SUP>, 2018. However, we don&#8217;t expect significant changes from our current revenue recognition process and amounts. Eventually, we may have a segregated amount of revenue attributed to storage services derived from customers that might request us to bill and hold the delivery until second order.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS16 - Leases</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>This new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards, including IAS 17 &#8211; L</FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>easing Operations</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> and IFRIC 4, SIC 5 and SIC 27 &#8211; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Complementary Aspects of Leasing Operations</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Currently, we have not initiated the assessment of the IFRS 16 effects since we are fully focused on the assessments for the initial application of IFRS 9 and IFRS 15 described above. As soon as we have concluded them, we will redirect our focus to assess the impacts we will have in our financial position and results of operations upon the application of IFRS 16. However, we can anticipate that we do not expect any material impact, if any, from the application of IFRS 16.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2019</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Initiative disclosure (amendments to IAS 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amendments require additional disclosures that allow users of financial statements to understand and evaluate changes in liabilities arising from financing activities, both changes in cash flow and other changes.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2017</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Recognition of deferred tax assets for unrealized losses (amendments to IAS 12)</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amendments clarify the accounting of deferred tax assets for unrealized losses on debt instruments measured at fair value.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2017</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRIC 22 &#8211; Foreign Currency Transaction and Advance Consideration</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income (or part of it).</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRIC 23 &#8211; Uncertainty over Income Tax Treatments</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Can be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements the IAS 12 &#8211; Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments. </FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>January 1, 2019</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-23</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The early adoption of these IFRS is not allowed for entities that disclose their financial statements in accordance with accounting practices adopted in Brazil.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>There are no other standards and interpretations issued and not yet adopted that may have, in Management&#8217;s opinion, a material impact on the profit or loss or equity disclosed by the Company</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman">.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2.a.a) Restatement of the Financial Statements of December 31, 2015 </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Subsequent to the issuance of the Company&#8217;s financial statements for the year ended December 31, 2015, the Company identified the following errors relating to the accounting for (a) the acquisition of Namisa described in Note 3, and (b) the impairment of deferred income tax and social contribution credits:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Business Combination of Namisa</FONT></B></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-24</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Pre-existing relationship</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company erroneously included prepaid amounts in the estimate of the gain on the liquidation of a pre-existing relationship between the CSN and Namisa relating to operating agreements of ROM (run of mine) and Port Services. After excluding the prepaid amounts in the fair value estimate, the gain previously recorded of R$1,554 million became a loss of R$1,225 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Discount rate used to calculate fair values</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company determined that the discount rate used to calculate the fair value of Namisa and CSN Minera&#231;&#227;o,did not reflect discount rates of companies with iron ore mining activities. The adjustment to the rates reduced the discount rate from 14.36% to 13.83% for Namisa and from 13,91% to 13,19% for CSN Minera&#231;&#227;o, increasing the discounted cash flow of CSN Minera&#231;&#227;o to R$3.6 billion and to R$1.2 billion in Namisa. This increase in the discounted cash flow of Namisa generated an additional gain of R$48 million when compared to the amounts originally recorded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Estimate of seaborne freight in the discounted cash flow estimates</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The prices of seaborne freight considered in the calculation of the fair values of CSN Minera&#231;&#227;o and Namisa were over-estimated and did not follow the historical curves when compared to the curves of iron ore prices, and did not consider market prices practiced by CSN. Accordingly, a new valuation was prepared to determine the fair value of Namisa and CSN Minera&#231;&#227;o considering a corrected curve of seaborne freight prices. The change in the curve of seaborne freight increased the fair value of CSN Minera&#231;&#227;o in R$8 billion and of Namisa in R$3.5 billion. The increase in the fair value of Namisa generated an additional gain of R$1,991 million when compared to the consolidated financial statements originally filed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Estimate of rail freight in the discounted cash flow estimates</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The fair value of NAMISA&#8217;s excluded assets prepared at the time the transaction included an error in the estimate of rail freight. A new calculation was prepared to consider the correct estimates for the rail freight costs in the determination of fair value of the excluded assets, resulting in an increase in the consolidated net income for the year of R$235 million and shareholders&#8217; equity of R$244 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Recognition of deferred tax liabilities relating to the spun-off assets</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company failed to recognize deferred tax liabilities relating to the spun-off assets (Fernandinho, Cayman and Pedras Pretas). Since these assets were transferred to Min&#233;rios Nacional, which is not the acquirer, the purchase accounting adjustments do not have a tax basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Adjustments to the participation of non-controlling shareholders of CSN Minera&#231;&#227;o.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>A change in the interpretation of the IFRS was identified by reassessing the events triggered by the inquiries made by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Securities Exchange Commission</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> (SEC) on the accounting procedure for the presentation of the non-controlling interests of the subsidiary CSN Minera&#231;&#227;o in the Company&#8217;s consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The interpretative aspect of the IFRS application in this operation stems from the moment the gains are recorded and how these gains are allocated between the shareholders of CSN Minera&#231;&#227;o at the acquisition date. In the previous accounting procedure, even with the entire transaction being carried out on a single date, the corporate actions complied with a specific order in which the Company based its interpretation for the allocation of the gains to controlling and non-controlling shareholders. Within this context, CSN Minera&#231;&#227;o would have admitted the Asian Consortium in its shareholder base before the acquisition of control of Namisa, the reason why the gains with the business combination were allocated to the shareholders considering their respective equity interests in the capital of CSN Minera&#231;&#227;o, (87.52% to CSN and 12.48% to the Asian Consortium). Pursuant to the new interpretation of the events that took place on November 30, 2015, the gains from the business combination were recorded in CSN </FONT>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-25</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minera&#231;&#227;o before the admission of the Asian Consortium in CSN Minera&#231;&#227;o' shareholder base and, for this reason, these gains are being exclusively allocated to the shareholder CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The following table summarizes the change of the approach:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 19.85pt">&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Other Adjustments</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The calculations of fair values also corrected the effects related to a non-inclusion in the discounted cash flow arising from the impact of the CFEM / TFRM contributions (Financial Compensation for the Exploration of Mineral Resources/Control, Monitoring and Inspection Fee for Research, Mining, Exploration and Exploitation of Mining Resources Activities), as well as adjustments related to the final balance used as the basis to evaluate the book value of Namisa assets, resulting in a loss in the consolidated net income for the year of R$71 million and shareholders&#8217; equity of R$59 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The acquisition method applied in the business combination that had resulted in net gains of R$2.9 billion in net income, were changed to net gains of R$3.0 billion after the review of the transaction, and that can be shown as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Consolidated (In R$ Million)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>As Originally </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reported </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the fair value remeasurement of the 60% ownership previously held in NAMISA.</FONT></P></TD>

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

   <TD style="HEIGHT: 26.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,791 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="HEIGHT: 26.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; 3,790 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain (loss) in the liquidation of the pre-existing relationship</FONT></P></TD>

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   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>622 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; (493)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

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

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(528)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; (265)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net gains</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" 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; 2,885 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" 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; 3,032 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As a result of aforementioned review of aspects of the business combination, which identified errors in the determination of the fair value of Namisa, the Company verified that the purchase price considered for accounting purposes, previously of R$ 13.4 billion, became R$ 17.5 billion as disclosed in the table below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 396pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(In R$ Million)</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Item</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 29.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comments</FONT></B></P></TD>

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 29.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>As Originally </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reported</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 29.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets acquired</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 32.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash payment in the amount of USD707MM.</FONT></P></TD>

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   <TD style="HEIGHT: 32.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities assumed</FONT></P></TD>

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial adjustment of working capital and debt.</FONT></P></TD>

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 35.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity instruments issued</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Minera&#231;&#227;o issued equity intruments that were given to the Asian Consortium.</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,619</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,034</FONT></P></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of the interest previously held by the acquirer entity before the business combination</FONT></P></TD>

   <TD style="HEIGHT: 45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Minera&#231;&#227;o held 60% of Namisa's shares post-split before the business combination and remeasured at fair value.</FONT></P></TD>

   <TD style="HEIGHT: 45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,023</FONT></P></TD>

   <TD style="HEIGHT: 45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,700</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase price considered for the business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,375</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,467</FONT></B></P></TD></TR>

<TR>

   <TD width="27%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-26</FONT></P>

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



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

<A name="page_185"></A>

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



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE>

<a name="_bclPageBorder185"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On the other hand, upon the implementation of the transaction, CSN had recognized a gain of R$1.9 billion directly in the net equity as a change in the ownership percentage, that has been adjusted to R$2.9 billion, as disclosed below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 21.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.75pt">

   <TD style="HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Events</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>As Originally </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reported</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Asian Consortium's contribution to CSN Minera&#231;&#227;o </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,619</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,034</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN's interest - 87.52% (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,292</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,531</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition by CSN of 4.16%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial adjustment of working capital and debt (closing)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets acquired and liabilities assumed</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,733</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asian Consortium's interest - 12.48% (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(340)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(341)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Adjustment in the ownership interest variation % (3) </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(274)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other effects arisen from the corporate restructuring (4) </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total gain of the transaction between shareholders (1+2+3+4) </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,945</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,943</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Estimated losses of deferred income tax and social contribution credits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company is restating the balances of deferred income tax and social contribution credits of its financial statements for the year ended December 31, 2015 after the technical review, during 2016, of the negative and positive aspects that supported their maintenance.&nbsp;&nbsp; The main change in the decision for this restatement is the fact that the exclusion of the sale of certain non-core assets from credit recovery studies, reducing the future taxable base of the projections, together with the greater weight to be given to the observable evidence of tax losses existing in the last years, according to the interpretation given by accounting standard IAS 12. As established in the standard, in the case of existence of recent history of successive losses or losses alternated in several years, this becomes the primary evidence for assessing the maintenance or recording of tax credits to offset against future taxable profits, with the study of projections of these profits remaining as a source of secondary evidences and with lower weight in the assessment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Thus, the Company elected to maintain in assets an amount of tax losses and negative basis of social contribution equivalent to 30% of the deferred income tax liability balance, an amount that will be used as the deferred tax liability becomes current income tax payable. With this, the total credits arising from temporary differences were accrued and maintained in inventory of credits in the Company&#8217;s tax books for future utilization. This system of maintenance of tax credits equivalent to 30% of the deferred income tax liability will remain until a new history of taxable profits is formed and the studies of projections of future profits become again primary evidences for the recording of tax credits, when the Company will recognize the temporary differences and higher amounts of tax losses and negative basis of social contribution losses that will be utilized to offset income tax payable arising from future taxable profits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Based on the study mentioned above, the Company recognized in 2015 an estimated loss on deferred income tax and social contribution credits of R$3,173 million, of which R$2,949 million recognized in profit or loss and R$224 million in equity, as detailed in Note 16(c) Deferred IR/CS Recovery Test.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-27</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.a.b) Restatement of accounting balances of 2015</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company reclassified the result of Cia Metalic Nordeste in the amount of R$1,911 in discontinued operations, for comparative purposes, as detailed in note 4. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Additionally, it reclassified the cash flow hedge result from 2015 from the financial income caption to other operating revenues in the amount of R $ 11,439, taking into account the classification used in 2016.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2.a.c) The impacts in the financial statements can be shown as follows:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>These adjustments did not impact the balances of January 01, 2015 and therefore the third column of the balance sheet is not being presented.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Statement of Income</FONT></B></P>

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

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=2><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

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

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>As Originally Reported</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,331,852</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(70,155)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,261,697</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cost of goods sold</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(11,799,758)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>59,657</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(11,740,101)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Income (Expenses)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,645,531</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(116,624)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,528,907</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,436,000)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,811</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,430,189)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(470,368)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(470.332)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity results</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,160,348</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(76)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,160,272</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other operating income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,391,551</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(122,395)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,269,156</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income before financial results</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,177,625</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(127,122)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,050,503</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial results, net</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,373,050)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,888</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,365,162)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income before income tax and social contribution</FONT></B></P></TD>

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

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

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;<FONT face=arial,sans-serif>1,804,575&nbsp;&nbsp; </FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(119,234)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,685,341</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(188,624)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,714,592)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,903,216)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit (loss) from continued operations</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,615,951</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,833,826)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,217,875)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit (loss) from discountinued operations</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,911</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,911</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,615,951</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,831,915)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,215,964)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Attributed to:</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,257,896</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,472,018)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,214,122)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>358,055</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(359,897)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,842)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.65pt">

   <TD style="HEIGHT: 3.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,615,951</FONT></B></P></TD>

   <TD style="HEIGHT: 3.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,831,915)</FONT></B></P></TD>

   <TD style="HEIGHT: 3.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,215,964)</FONT></B></P></TD></TR>

<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Balance Sheet</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt">&nbsp;</P>

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



<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=6>

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

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3>

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

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

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

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>As Originally Reported</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>ASSETS</FONT></U></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,430,691</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,430,691</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>32,219,283</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,310,565)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,908,718</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,890,948</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,228,961)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,661,987</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,998,227</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,998,239</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,871,599</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(45,373)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,826,226</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Intangibles</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,458,509</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,963,757</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,422,266</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48,649,974</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,310,565)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,339,409</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

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

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>LIABILITIES</FONT></U></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,325,571</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(243,372)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,082,199</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>34,588,740</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>577,182</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>35,165,922</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,735,663</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,644,375)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,091,288</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Common stock</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,104,804</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,104,804)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,019,913</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>770,780</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,790,693</FONT></P></TD></TR>

<TR style="HEIGHT: 8.8pt">

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accumulated losses</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367,214)</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(367,214)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.8pt">

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,070,916</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,863</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,127,779</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>TOTAL LIABILITIES + SHAREHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48,649,974</FONT></B></P></TD>

   <TD style="HEIGHT: 11pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,310,565)</FONT></B></P></TD>

   <TD style="HEIGHT: 11pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,339,409</FONT></B></P></TD></TR>

<TR>

   <TD width="53%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-28</FONT></P></DIV>

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



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

<A name="page_187"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 10pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Statement of Changes in Equity </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt">&nbsp;</P>

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



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=5>

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

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="HEIGHT: 45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Paid - in Capital </FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital reserve, granted&nbsp; options and treasury shares</FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings reserve </FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other&nbsp; compreensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non- controlling interests </FONT></B></P></TD>

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>As Originally reported at 12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,104,804</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,019,913</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,070,916</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,735,663</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Reclassifications</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(2,104,804)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(367,214)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>770,780</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>56,863</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,644,375)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restated at 12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(367,214)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,790,693</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,127,779</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,091,288</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR></TABLE>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Statement of Cash Flows </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The adjustments mentioned above did not impact the total cash flows from operating, investing or financing activities, just impacting the loss for the year and the changes in assets and liabilities, all within operating activities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt">&nbsp;</P>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings/(loss) per share</FONT></B></P>

<P></P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" 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="56%" 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="14%" noWrap>

   <P><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" 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="1%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" 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="14%" noWrap>

   <P><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></I></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" vAlign=bottom width="1%" noWrap>

   <P><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></I></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" vAlign=bottom width="12%" noWrap>

   <P><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></I></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" vAlign=bottom width="1%" noWrap>

   <P><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></I></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" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>12/31/2015</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="56%" 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="14%" noWrap>

   <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>As Originally Reported</FONT></B></P></TD>

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

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT>&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" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Adjustments</FONT></B></P></TD>

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

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT>&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="16%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Restated</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="56%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(Loss) profit for the year</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="14%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" 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="1%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" 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><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" 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="1%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" 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="16%" noWrap>

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Continued operations</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,615,951</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(2,833,826)</FONT></P></TD>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(1,217,875)</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="56%" noWrap>

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Discontinued operations</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</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" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,911</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,911</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,615,951</FONT></B></P></TD>

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

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

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(2,831,915)</FONT></B></P></TD>

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

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

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(1,215,964)</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="56%" noWrap>

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Weighted average number of shares </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,357,150,010</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1,357,150,010</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Basic and diluted EPS</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" 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="56%" noWrap>

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Continued operations</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1.19069</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</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" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(2.08807)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(0.89738)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Discontinued operations</FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" 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" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>0.00141</FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>0.00141</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="56%" noWrap>

   <P><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>1.19069</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(2.08666)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 107%" face=arial,sans-serif>(0.89597)</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="56%" noWrap>&nbsp;</TD>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>BUSINESS COMBINATION </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Acquisition of control of Nacional Min&#233;rios S.A &#8211; Namisa </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1.1 Object of transaction</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>On December 11, 2014, the Board of Directors of CSN approved the establishment of a strategic alliance with an Asian Consortium comprised by the companies ITOCHU Corporation, JFE Steel Corporation, POSCO, Kobe Steel Ltd., Nisshin Steel Co, Ltd. and China Steel Corp. (&#8220;Asian Consortium&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The transaction consisted of a business combination through which CSN acquired a controlling interest in Namisa. Namisa was previously jointly controlled by CSN and the Asian Consortium. This acquisition was completed by corporate restructuring of CSN and the Asian Consortium, whereby (i) Namisa was contributed to CSN Minera&#231;&#227;o, a mining subsidiary of CSN (ii) certain assets of Namisa were spun-off from Namisa to another wholly owned subsidiary of CSN, (iii) CSN contributed its other mining assets to CSN Minera&#231;&#227;o, and (iv) the Asian Consortium received an interest in CSN Minera&#231;&#227;o. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>After the corporate restructuring, CSN Minera&#231;&#227;o became the holder of the commercial establishment related to CSN&#8217;s iron ore mine Casa de Pedra, CSN&#8217;s 60% equity interest in Namisa, 8.63% direct interest in MRS, as well as the right to manage and operate the solid bulk terminal of TECAR in Itagua&#237; Port (&#8220;TECAR&#8221;). The assets that were spun-off from Namisa were Fernandinho, Cayman and Pedras Pretas </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The transaction was concluded by the signing of a shareholder&#8217;s agreement by the shareholders of CSN Minera&#231;&#227;o, on November 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-29</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Following are the details of the steps that were carried out in order to conclude the transaction:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Payment of dividends by Namisa before the closing of the transaction, amounting to US$1.4 billion (equivalent to R$5.4 billion);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Disproportionate spin-off of certain assets of NAMISA, such as the mining rights of Fernandinho, Cayman and Pedras Pretas, as well as the net assets of Fernandinho, for subsequent contribution to Min&#233;rios Nacional, a wholly-owned subsidiary of CSN. After the split, CSN held 59.76% in NAMISA;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Restructuring of CSN Minera&#231;&#227;o through the contribution, by CSN, of the assets and liabilities related to Casa de Pedra, the rights to operate TECAR, 59.76% of Namisa&#8217;s shares post-split of the excluded assets, 8.63% of MRS&#8217; shares, and US$850 million in debt (equivalent to R$3,370 million, as presented in note 3);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Liquidation of the pre-existing agreements with Namisa for supply of high-silicon and low-silicon content ROM (Run of Mine), port services and ore beneficiation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Acquisition, by CSN Minera&#231;&#227;o, of the Namisa shares post-split of the excluded assets held by the Asian Consortium, resulting in the merger of NAMISA into CSN Minera&#231;&#227;o;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Signing of a shareholders&#8217; agreement (&#8220;Shareholders&#8217; Agreement&#8221;) by the shareholders of CSN Minera&#231;&#227;o;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Payment by CSN of US$680 million relating to the acquisition of 4% of the shares held by the Asian Consortium in CSN Minera&#231;&#227;o and additional US$ 27 million relating to the acquisition of 0.16% of the shares held by the Asian Consortium in CSN Minera&#231;&#227;o, amounting to US$ 707 million (equivalent to R$2,7 billion);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The following charts show the corporate structure before and after the transaction:</FONT></P>

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<IMG border=0 src="graph02.gif">&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-30</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The transaction also includes an earn-out mechanism by which, in the event of a qualified liquidity event occurred under certain valuation parameters and within a defined time period after the closing of the transaction, the Asian Consortium&#8217;s equity interest in CSN Minera&#231;&#227;o could be diluted, at CSN&#180;s sole discretion, from 12.48% to 8.71%. This mechanism was considered as a contingent asset and consequently, had no accounting impacts on the Company&#8217;s financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Part of the iron ore produced by CSN Minera&#231;&#227;o will be sold to the members of the Asian Consortium and to CSN. Such rights are reflected in long-term supply agreements entered into on November 30, 2015, which terms were negotiated on usual market conditions. CSN also ensured the use of TECAR for import of raw materials through a long-term agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1.2 Application of IFRS3 to the transaction</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Prior to the transaction, Namisa was managed by means of a shareholders&#8217; agreement, through which the Asian Consortium had sufficient vetoes that grant it substantial management rights over the operations. With respect to accounting, Namisa was classified as a joint venture within the scope of IFRS 10 and 11. CSN recorded its 60% equity interest in Namisa according to the equity method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As mentioned above, CSN carried out a corporate restructuring involving the transfer of its mining operations, rights to operate the port terminal TECAR and equity interests in Namisa and MRS to CSN Minera&#231;&#227;o. This step of the transaction was carried out based on the book value of the assets, since there was no change control over the assets and equity stakes transferred. Upon conclusion of the corporate restructuring, CSN Minera&#231;&#227;o became the controlled company of CSN that concentrates the group&#8217;s mining businesses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As a result of the transaction, CSN began to control Namisa through its control over CSN Minera&#231;&#227;o and the Asian Consortium holds only protective rights in relation to the assets resulting from the business combination, which is usual in this type of transaction.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-31</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Accordingly, since there has been a change of control over Namisa&#8217;s assets, IFRS3 should be applied. Based on the criteria of IFRS 3, the acquisition date for accounting purposes was November 30, 2015, the date as from the new Shareholders&#8217; Agreement of CSN Minera&#231;&#227;o became effective. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1.3 Application of the acquisition method</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Under IFRS3, the acquisition method shall be applied for recording the transaction. The method consists of the following:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>a) determining the purchase price;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>b) recognizing the amount of the goodwill based on expectations for future profitability; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>c) recognizing a gain or loss on pre-existing relations that should be settled with the business combination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>These three steps are applicable to the acquisition of control over Namisa, and they are detailed as follows.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>a) &nbsp;&nbsp;&nbsp; Determination of the purchase price</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>According to IFRS3, the purchase price is determined by the sum of the assets acquired, liabilities assumed, equity instruments issued, non-controlling equity interests and the fair value of any equity interest held prior to the transaction. The following table summarizes the price considered for accounting purposes:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Item</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Comments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million)</FONT></B></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets acquired</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash payment in the amount of USD707MM.</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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,727 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities assumed</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial adjustment of working capital and debt.</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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity instruments issued</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Minera&#231;&#227;o issued equity intruments that were given to the Asian Consortium.</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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,034 </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of the interest previously held by the acquirer entity before the business combination</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Minera&#231;&#227;o held 60% of Namisa's shares post-split before the business combination and remeasured at fair value.</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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(iii)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase price considered for the business combination</FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,467 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets acquired and liabilities assumed</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Subsequent to the capital increase, the transaction included a cash payment made for the acquisition of 4.16% of CSN Minera&#231;&#227;o&#8217;s shares held by the Asian Consortium in the amount of US$707 million, equivalent to R$2,727million as of November 30, 2015 and a liability amounting to R$6 million to be paid in the 1<SUP>st</SUP> quarter of 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Even though such payment was carried out by CSN for the acquisition of 4.16% of CSN Minera&#231;&#227;o&#8217;s shares, its economic effect was recorded at CSN Minera&#231;&#227;o as an integral part of the consideration received due to the control acquisition over Namisa, according to the guidelines provided by IFRS3. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>ii. &nbsp;&nbsp;&nbsp;&nbsp; Equity instruments issued &#8211; Shares of CSN Minera&#231;&#227;o</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CSN Minera&#231;&#227;o performed the primary issue of shares to the Asian Consortium represented 12.48% of its total capital. Pursuant to IFRS3, such shares were appraised at fair value as of the acquisition date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Such appraisal was performed using the discounted cash flow method, considering the business plans approved by the shareholders of CSN Minera&#231;&#227;o. The main premises of such appraisal and the results thereof are described in the table below:</FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-32</FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assumptions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Data</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron Ore Volumes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>60Mt/year in the long-term</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Price - Platts CFR China 62% Fe</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Range from US$56 to US$75</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discount rate</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal WACC of 13.19%</FONT></P></TD></TR>

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million) </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair Value on November 30, 2015 (equity value)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 32,334 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Quantity of shares held by the Asian Consortium after the acquisition of 4.16%</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.48%</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair Value attributed to the equity instruments issued</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US 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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 4,034 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The fair value of CSN Minera&#231;&#227;o was calculated by independent appraisers who issued a new assessment report considering the adjustments identified by the Company&#8217;s management. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>iii. Equity interest in Namisa held prior to the acquisition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CSN Minera&#231;&#227;o held Namisa&#8217;s shares immediately prior to the transaction regarding the acquisition of control be concluded. Such shares were appraised under the equity method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>According to item 41 of IFRS3, such shares are part of the consideration transferred and should be measured at their fair value as of the acquisition date. A gain or loss resulting from the difference between the fair value and the carrying amount recorded immediately prior to the acquisition should be recognized in profit or loss for the year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The appraisal of the fair value of Namisa was conducted according to the discounted cash flow method, considering the business plans in effect prior to the transaction and approved by the shareholders. NAMISA&#8217;s fair value remeasurement contained certain assets that were split to CSN and immediately after were transferred to a CSN&#8217;s wholly-owned subsidiary called Min&#233;rios Nacional, whilst NAMISA&#8217;s main assets were acquired by CSN Minera&#231;&#227;o. The main assumptions of such appraisal and the results thereof are shown in the following table:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assumptions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Data</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron Ore Volumes</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>40Mt/year in the long-term</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Price - Platts CFR China 62% Fe</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Range from US$56 to US$75</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discount rate</FONT></P></TD>

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

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal WACC of 13.83%</FONT></P></TD></TR>

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Excluded Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Namisa Post-Split</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% ownership</FONT><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif> (a)</FONT></B></P></TD>

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

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59.76%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$(Million) - Restated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair Value of the assets </FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(b)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,184 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,649 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,833 </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Book Value on November 30, 2015 </FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(c )</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,213 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,274 </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the fair value remeasurement (b-c) * a</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,274 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,248 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,522 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(-) Elimination of 59.76% from loss in pre-existing relationship</FONT></P></TD>

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

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(732)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732)</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the fair value remeasurement </FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,274 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,516 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,790 </FONT></B></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The fair value of CSN Minera&#231;&#227;o was calculated by independent appraisers who issued a new assessment report considering the adjustments identified by the Company&#8217;s management. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 54pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-33</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>b) &nbsp;&nbsp;&nbsp; Goodwill on acquisition of control over Namisa</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>According to item 32 of IFRS3, the acquirer shall recognize goodwill based on expectations for future profitability as of the acquisition date, measured by the amount at which the purchase price exceeds the fair value of the assets and liabilities acquired (Purchase Price Allocation &#8211; PPA). The transaction generated goodwill of R$3,197 million, as per the table below:</FONT></P>

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Item</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reference</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Elimination relationship pre-existing</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Purchase price considered </FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Item 3.1.3 (a) </FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,467 </FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,649)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

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

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,818 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Fair value of the assets acquired and liabilities assumed </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Item 3.1.3 (b) </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(i) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,649)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,621 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Goodwill for future profitability expected </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,197 </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,197 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The goodwill based on future profitability expected is recorded under Intangible Assets and, since it does not have a definite useful life, it is not amortized, according to IAS 38. For tax purposes, the deductible amount of that goodwill is R$842 million. As from 2016, CSN started to perform conducting impairment testing for this asset according to the requirements established by IAS 36.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(i) &nbsp;&nbsp;&nbsp; Fair value of the assets acquired and liabilities assumed</FONT></B></FONT>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The following table shows the fair value allocation breakdown for 100% of the assets acquired and liabilities assumed as of November 30, 2015, calculated on the basis of reports prepared by independent appraisers:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated (In Million)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Book value</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value adjustments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(-) Write-off of goodwill previously recognized in Namisa</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,294</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,294</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>783</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>783</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>253</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>253</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment ROM and Port - Congonhas</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>144</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>144</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,887</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,002</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(579)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,310</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment ROM and Port - Congonhas</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,310</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,225</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,535</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>138</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS interest- 10%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>306</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>787</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipament</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>551</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>111</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>662</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intangibles</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>582</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,185</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(579)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,188</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets acquired</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,181</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,002</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(579)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,604</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,641</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,641</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans and financings</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proposed dividends (US$ 300 million)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,157</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,157</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>266</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>625</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(198)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>693</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans and financings</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes (deferred and in installments)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>216</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>625</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(198)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>643</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities assumed</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,907</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>625</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(198)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,334</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Net equity before Elimination Relation Pre-Existing&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,274</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,377</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(381)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,270</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Elimination Relation Pre-Existing&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,424)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,225)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,649)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Net equity acquired </FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>850</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,152</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(381)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,621</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-34</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>According to IFRS3, the goodwill based on future profitability expected existing in the Namisa&#8217;s financial statements, as of the acquisition date, should be written off so that a new goodwill is recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The allocation of the fair value resulted in a gain in the total amount of R$3,152 million, distributed among the principal assets of Namisa. The following table shows the breakdown of the amounts allocated and a summary of the calculation methodology:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets acquired</FONT></B></P></TD>

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   <TD style="HEIGHT: 14.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Remeasurement method</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book value</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value adjustment</FONT></B></P></TD>

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   <TD style="HEIGHT: 14.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total fair value</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS interest - 10%</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Entity's discounted cash flow based on the long-term business plan approved by the shareholders.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>306 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 3.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

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   <TD style="HEIGHT: 3.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 3.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The amounts of property, plant and equipment were adjusted by the difference between the fair value of the PP&amp;E and their respective net carrying amounts, as per the technical valuation conducted by an independent appraiser for the groups of assets represented by improvements, constructions, vehicles, furniture and fixtures. </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>The useful lives follow the periods disclosed in Note 11.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining rights - Engenho, Fernandinho and Cayman mines</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The income approach was used based on the excess profitability methodology in multiple periods, due to the possibility of attributing the directly generated cash flow to the asset identified. Under this methodology, the amount of the mining rights is estimated based on their future profitability, discounting all costs and investments that would be necessary for extracting and processing the iron ore to their fair value. These rights will be amortized according to the depletion of the mines.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,184 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,184 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 2.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Relationship with supplier - iron ore purchase agreement</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For the fair value calculation of the contract with Itaminas we used the income approach, comparing the future cash flows generated by operation in two scenarios, through the contract and market conditions.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred taxes</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.7pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,152 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,009 </FONT></B></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>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>c) &nbsp;&nbsp;&nbsp; Liquidation of pre-existing relationships between CSN Minera&#231;&#227;o and Namisa</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The IFRS3 determines that the increase or decrease in fair value resulting from an advantage or disadvantage in the transaction between the acquirer and the acquiree should be settled, with recognition of a gain or loss in the income statement of the year as of the transaction date. Such assets or relationships are referred as pre-existing relationship in the context of IFRS3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>A CSN Minera&#231;&#227;o and Namisa had a pre-existing relationship resulting from long-term agreements for the rendering of port services, supply of ROM iron ore and processing of ore. With the business combination, such agreements were extinct, since CSN&#8217;s mining activities have now been centralized at CSN Minera&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The liquidation of the pre-existing relationship generated a loss of R$1,225 million (R$493 million after the elimination of CSN Minera&#231;&#227;o&#8217;s 60% stake in Namisa), which considered the comparison of discounted cash flows at market prices with the contractual discounted cash flows remaining after the installments prepaid in 2008 when the operating agreements of ROM and Porto were entered into.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1.4 Effects reflected in CSN - Transaction between partners recorded in equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As mentioned above, CSN Minera&#231;&#227;o was considered the acquirer for the application of IFRS3. As a result, to the completion of the transaction, there was a change in CSN&#8217;s shareholding in CSN Minera&#231;&#227;o, which has not represented a loss of control in CSN Minera&#231;&#227;o by CSN. The Company&#8217;s participation decreased from 100% to 87.52%. According to IFRS10, this change should be classified as an equity transaction and the resulting gain or loss on the new value of the participation shall be recorded directly in net equity. Due to this percentage variation, a gain of R$2,943 million was recorded. The table below shows the reconciliation of this amount:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-35</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Events</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million) </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Asian Consortium's contribution to CSN Minera&#231;&#227;o - item 3.3 (a)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,034 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN's interest - 87.52% (1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,531 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition by CSN of 4.16% </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,727 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial adjustment of working capital and debt </FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; 6 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transferred assets and liabilities - Item 3.1.3 (a) (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,733 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Asian Consortium's interest - 12.48% (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; (341)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Adjustment in the ownership interest variation % (3) </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; (274)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other effects arisen from the corporate restructuring (4) </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; 27 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total gain of the transaction between shareholders (1+2+3+4) </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,943 </FONT></B></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>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>3.1.5 Summary of the accounting impacts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The following table shows the full impact of the business combination described above in the results and equity of the Company:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=3 width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Events</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Million) Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounting effect</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the fair value remeasurement of 59.76% interest in Namisa - item 3.1.3 (a) iii</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,516</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,516</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the fair value remeasurement of 60% interest in the excluded assets - item 3.1.3 (a) iii</FONT></P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,274</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,274</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the liquidation of pre-existing relationship - item 3.1.3 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(493)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(493)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the business combination before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,297</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,297</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(265)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(265)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the transaction between shareholders - item 3.1.4</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,943</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total impact of the business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,032</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,975</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.1.6 </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>Statement of income for the year &#8211; Pro Forma</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The table below presents the pro forma impact on CSN&#8217;s income statement considering the acquisition at the beginning of the annual reporting period, as required by IFRS 3. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;R$(Million)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net Revenue </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,824</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales and services </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,108)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,716</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating income (expenses)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>273</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss)/profit before income tax and social contribution </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,989</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,383)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss)/profit before income tax and social cotribution </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,606</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,051)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the year, net</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(445)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">&nbsp;</TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Owners of the company</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(443)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interests</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-36</FONT></P>

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   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_195"></A>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.2 CONTROL AQUISITION OF CGPAR CONSTRU&#199;&#195;O PESADA S.A. (&#8220;CGPAR&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On September 30, 2016, CSN acquired 50% shares of CGPAR previously held by GPA Constru&#231;&#227;o Pesada e Minera&#231;&#227;o Ltda., increasing its participation to 100%. The total amount paid in consideration for the shares was R$ 1.00 (One Real).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The consideration paid reflects an agreement to solve a legal dispute involving corporate and commercial issues, as well as to release dividends declared in previous fiscal years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The method consists of:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>3.2.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Determination of the purchase price</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ref.</FONT></B></P></TD></TR>

<TR style="HEIGHT: 30.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of the equity interest held by the acquiring company in CGPAR immediately prior to the combination</FONT></P></TD>

   <TD style="HEIGHT: 30.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 30.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,726</FONT></P></TD>

   <TD style="HEIGHT: 30.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 30.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consideration paid in CGPAR acquisition</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase price considered for the business combination</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,726</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Fair value of 50% stake in CGPAR held immediately before the acquisition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Amount related to the consideration paid for the acquiring company R$ 1.00 (One real).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>CSN held 50% shares of CGPAR immediately before the conclusion of the control acquisition, this investment was measured by the equity method. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>According to the item 41 of the IFRS 3, those shares are part of the consideration paid and must be measured by their fair value on the acquisition date. The accounting rule determines that a gain or loss must be recorded resulting from the difference between the fair value and the book value before the transaction. Therefore, the CGPAR valuation by its fair value was calculated based in the discounted cash flow method, considering the business plan valid until the transaction date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The results are presented in the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>Assumptions</FONT></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value as of September 30, 2016 (equity value)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>99,452</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value attributed to 50% equity interest prior acquisition (a)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,726</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounting Balances</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.9pt">

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The equity interest prior acquisition (a) on September 30, 2016 </FONT></P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; 8,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain in the valuation of the 50% interest by the fair value of the equity interest prior to the acquisition (a)-(b) (Note 25)</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,118</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>3.2.2</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Gain from a bargain purchase generated from the control acquisition of CGPAR</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>According to the item 32 of the IFRS 3, the acquirer must recognize the goodwill generated from the future economic benefits or a gain from a bargain purchase at the acquisition date. The fair value of assets acquired and liabilities assumed (Purchase Price Allocation - PPA) exceeded the purchase price and the transaction generated a gain from a bargain purchase of R$ 25,378 million. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-37</FONT></P></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09/30/2016</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Carrying amounts </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value adjustments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total fair value </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets acquired </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,726 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,726 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities assumed</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,104</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,609)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;(a) </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52,495</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,378 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,609)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,769 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Includes deferred taxes on fair value adjustment and gain on bargain purchase. </FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In the following table its presented the fair value allocation for 100% of assets acquired and liabilities assumed on September 30, 2016.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Carrying amounts </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value adjustments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 32.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total fair value </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,881 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,881 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,101 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,101 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other assets </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,394 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,394 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,281 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,889 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(a)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,170 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; 93 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total assets acquired </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,750 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,889 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,639 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,089 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,089 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,234 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,234 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,889 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,889 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,154 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,154 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,169 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,169 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,609 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(b)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,609 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total liabilities assumed </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,535 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,609 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,144 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; Total equity acquired&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,215 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,280 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52,495 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif>a) Refers to fixed assets adjusted for the difference between the restated amount of the fixed assets and their respective net book value.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif>b) Refers to deferred taxes.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>3.2.3 Result of the accounting impacts on the acquisition of control of CGPAR</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>The table below shows the total impact of the business combination previously described on the Company&#8217;s profit or loss and equity:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Events</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ (Millions)</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounting </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>effect</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain on the valuation of the 50% interest in CGPAR at fair value - item 3.2.1</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,118 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain with advantageous purchase - item 3.2.2</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,378 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain on business combination before IR / CSLL (note 25)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66,496 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax and social contribution on deferred income (Note 16)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,609)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total impact of business combination </FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,887 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-38</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>4. NON CURRENT ASSETS HELD FOR SALE AND RESULTS FROM DISCONTINUED OPERATIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On August 23, 2016, the Company concluded a negotiation and signed a contract with Can-Pack S.A. to sell its 100% shares of the subsidiary Cia. Metalic do Nordeste (&#8220;Metalic&#8221;), which is a player in the metallic packaging business. The agreement has been previously disclosed in the statement of material fact. The transaction value amounted to US$ 98 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Due to the above facts, based on IFRS 5 (Non-current assets held for sale and discontinued operations), the Company reclassified the investment and the result of September 30, 2016 to the group of Assets Held for Sale in the amount of R$123,290 and accumulated results for 2016 and 2015 in the amount of R$ (6,786) and R$1,911, respectively, to the discontinued operations group to meet IFRS requirements and allow better comparability, see note 10.b.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On November 30, 2016, the sale of Metalic was completed, generating a gain as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Receipt by sale investment</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372,537 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity on November 30, 2016</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120,514)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain on transaction (note 25)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252,023 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The results and cash flows of discontinued operations are summarized below:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>4.a) Results from discontinued operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11/30/2016</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,669 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,926 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #dce6f1" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,082</FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89,188)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101,699)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(87,205)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,481 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,227 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,877</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,921)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,811)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,971)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,171)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,654)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,314)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses, net</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,346)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,575)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(608)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit/ (loss) before financial result</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,957)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,016)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,396 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,512 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,959</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit/(loss) before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,561)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,699 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,943</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,788)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,663</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) profit for the year, net</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,561)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,911 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,606</FONT></B></P></TD></TR>

<TR>

   <TD width="53%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: white; LINE-HEIGHT: 115%" face=arial,sans-serif>4.b) Cash flow from discontinued operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>09/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash generated / (used) by operating activities</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,659 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,668)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,823</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash generated / (used) by investing activities</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(234) </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,622)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,524)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash generated / (used) by financing activities</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(17)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase (decrease) in cash and cash equivalents for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,425</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47,290)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,282</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents at the beginning of the period</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,277</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,567</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45,285</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents at the end of the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>40,702</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,277</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>65,567</FONT></B></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-39</FONT></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_198"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 20.5pt">

   <TD style="HEIGHT: 20.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effects of disposal over the Company&#8217;s financial position</FONT></B></P></TD>

   <TD style="HEIGHT: 20.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; - Receipt from the disposal of the investment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>372,537 </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" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; - Cash and cash equivalents from discontinued operations</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%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,702)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash provided by the disposal of the investment from discontinued operations</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>331,835 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CASH AND CASH EQUIVALENTS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; Cash and banks</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>502,480</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>434,014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term investments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>In Brazil:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Government securities </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17,929</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165,520</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Private securities </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,390,707</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>945,420</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,408,636</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,110,940</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Abroad:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Time deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,960,046</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,316,098</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total short-term investments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,368,682</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,427,038</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,871,162</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,861,052</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The funds available in the Group set up in Brazil are basically invested in investment funds, classified as exclusive and its financial statements were consolidated within the CSN consolidated financial statements. The funds include repurchase agreements backed by private and public securities, with pre-fixed income, with immediate liquidity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 repurchasing agreements backed by National Treasury Notes and National Treasury Bills. </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The funds are managed by BNY Mellon Servi&#231;os Financeiros S.A. DTVM S.A and Caixa Econ&#244;mica Federal (CEF) and their assets collateralize possible losses on investments and transactions carried out. The investments in those funds were consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-40</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>6. SHORT-TERM INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CDB - Bank deposit certificate (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658,476 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Government securities (2)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101,915 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763,599 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760,391 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763,599 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Financial investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral to a guarantee letter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In 2016, financial investments in Governnment Securities managed by its exclusive funds, which were used as collateral for future CDI rate&#8217;s contracts in the period as detailed in note 14 (b). In 2015, bound as guarantee of real exchange rate futures contracts for Commercial dollar settled in December 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>TRADE RECEIVABLES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Third parties</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif>1,027,639 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>772,617</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>919,936 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>818,562</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,947,575 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,591,179</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (172,782) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,774,793 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,439,446</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 20 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129,837 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>61,366</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,904,630 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,812</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable (Note 20 b) (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,679 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27,817</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to employees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,607 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>40,190</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,300 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,458</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,586 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>77,465</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,997,216 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,578,277</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) Refers mainly to dividends receivable from CSN Minera&#231;&#227;o S.A. totaling R$822,319.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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$263,644 as of December 31, 2016 (R$232,275 as of December 31, 2015), less the trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The breakdown of gross trade receivables from third parties is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 1,381,255 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,049,033</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Past-due</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> up to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>245,012 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>353,443</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Past-due over 180 days</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>321,308 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,703</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp; 1,947,575 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,591,179</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The movements in the Group&#8217;s allowance for doubtful debts are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(127,223) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Estimated losses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,474)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,631) </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recovery of receivables </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,425</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,121</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(172,782)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733) </FONT></B></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-41</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_200"></A>

<a name="_bclPageBorder200"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INVENTORIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finished goods</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,183,619 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,912,868</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Work in progress</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>674,860 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,007,630</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,124,158 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,062,557</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Spare parts </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>824,478 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>962,078</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>255,029 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95,461</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,168 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,147</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(-) Provision for losses </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101,176)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111,427)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,964,136 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,941,314 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The movements in the provision for inventory losses are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,427) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,581)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal / (losses) for slow-moving and obsolescence (Note 25)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,251</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,154</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(101,176) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,427)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>OTHER CURRENT AND NON-CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The group of other current and non-current assets is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=7 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</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" width="49%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</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" width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Judicial deposits (Note 18)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>331,258</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328,542</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Credits with the PGFN <SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>46,774</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87,761</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recoverable taxes <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>780,715</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>996,679</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>386,872</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>445,926</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27,011</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>119,456</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,421</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,119</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset - related party (Note 20 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>119,854</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>114,433</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments (Note 14 I)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,298</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Securities held for trading (Note 14 I)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,966</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore inventory <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>144,499</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>144,499</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Northeast Investment Fund &#8211; FINOR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,598</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,888</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables (Note 14 I)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,291</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,877</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans with related parties (Note 20 b and 14 I)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>479,960</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>373,214</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables from related parties (Note 20 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,768</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,420</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29,020</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>33,255</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31,524</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>72,273</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,642</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>852,013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,286,449</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,675,820</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,583,921</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of the tax debt refinancing program, the amount related to one of the lawsuits was fully redeemed through a judicial authorization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>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 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-42</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>Reduc<FONT style="FONT-SIZE: 9pt" face=Arial>tion</FONT> of financial leverage</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>With the primary objective of reducing the Company&#8217;s financial leverage, Management is committed to a plan to dispose of a set of assets, however, it is not possible to confirm that the sale within a period of 12 months is highly probable for any of the assets contemplated. The Company considers several sales scenarios that vary according to different macroeconomic and operational assumptions. In this context, the Company did not segregate and did not reclassify such assets in the financial statements as discontinued operations in accordance with IFRS 5.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The sale of the subsidiary Cia Metalic Nordeste, as mentioned in note 4, is part of the Company's efforts in the sale of assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>10.a) Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>
<IMG border=0 src="table03.gif"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Company extinguished;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(2) Fair Value of mining rights and property, plant and equipment arising from the business combination as detailed in note 3.1</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(3) Investment reclassified to non-current assets held for sale on September, 2016 and sale realized on November, 2016 as detailed in note 4;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Company incorporated in 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(5) The amounts presented reflect the off-book adjustments made at the Company CSN Minera&#231;&#227;o;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(6) Control acquisition, according note 3.2, which evaluated at fair value on the acquisition date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 year refer to the equity interests held by CSN in those companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>10.b)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</FONT></B></P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015 </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance of investments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,998,239</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,665,453</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance of loss provisions</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment balance of Namisa 11.30.15 </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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,160,981)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital increase/acquisition of shares </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: 8pt" face=arial,sans-serif>190,651</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,575</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction </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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(466,758)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,765)</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,464)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive income </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(2)&nbsp;&nbsp;&nbsp; </FONT></SUP></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>713,442</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(967,447)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity pickup </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>108,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,192,034</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer of shares - Namisa and MRS </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>786,812</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization of fair value &#8211; investment in MRS</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,746)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization of fair value &#8211; investment in CGPAR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,940)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Impairment of the Fair Value of Transnordestina </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(3)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(387,989)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,472)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance of investments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,568,451</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,998,239</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.2pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,568,451</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,998,239</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(1) In 2016 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, It&#225; Energ&#233;tica, CGPAR Constru&#231;&#227;o Pesada, CSN Minerals, CSN Export, CSN Steel, CSN Metals, CSN Minera&#231;&#227;o and CSN Americas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" 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), actuarial gain/loss and gain/loss on net investment hedge from investments measured by equity method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(3) Refers to impairment of the fair value of Transnordestina Log&#237;stica S.A, see note 10.d).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(4) 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-45</FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in results of affiliated companies</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nacional Min&#233;rios S.A.</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,156,714 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>155,617</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,684 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,953</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,979)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transnordestina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(52,127)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,137)</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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Arvedi Metalfer do Brasil</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,372</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,690)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>216</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,442 </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" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>108,031</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,192,034 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To cost of sales </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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,556)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50,815)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To net revenues </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,805 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,129</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,324 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization of fair value &#8211; investment in MRS</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,746)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization of fair value &#8211; investment in CGPAR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,940)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(76)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in results </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,918</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,160,272 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>10.c) Additional information about the main operating subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=symbol>&#183; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>SEPETIBA TECON S.A. (&#8220;TECON&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Container Terminal was created to exploit the terminal n<SUP>o</SUP> 1 in Itagua&#237; Port, located in the State of Rio de Janeiro. The terminal is connected to the UPV by the Southeast railroad network.&nbsp; The Southeast railroad network is the contract object of the concession that has been granted to MRS Log&#237;stica S. A. The range of services includes the move operation of cargo, storage of containers and steel products, general cargo, cleaning and maintenance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Tecon </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>won the auction held</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> on September 3, 1998</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif> to enter into a lease agreement for operation</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> of </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>the port</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> terminal for </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>a period of </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>25 years</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>, extendable for an equal period. With the publication of Presidential Decree 9048 of May 10, 2017, the operation of the terminal may be successively extended in distinct periods with a maximum term of 70 years</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>When the concession expires, it will return to the Union as well as all the rights and privileges transferred to Tecon, along with the ownership of assets and those resulting from investments, declared reversible by the Federal Government for being necessary to the continuity of terminal&#180;s operation. The reversible assets will be indemnified by the Federal Government at the residual value of cost, based on the accounting records of Tecon after deducting depreciation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=symbol>&#183; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>ESTANHO DE ROND&#212;NIA S.A. (&#8220;ERSA&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Headquartered in the state of Rond&#244;nia, the subsidiary operates two units, which are based in the cities of Itapu&#227; do Oeste and Ariquemes. In Itapu&#227; do Oeste is extracted the cassiterite (tin ore) and in Ariquemes is located the casting operation, where the metallic tin is made, which is the raw material used in UPV for the production of tin plates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA (&#8220;Prada&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Prada operates in the area of two segments: steel metal packaging, production and processing and distribution of flat steel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Metal packaging</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In the steel metal packaging segment, Prada produces its supply chain includes the chemical and food segments, providing packaging and printing services to leading companies in the market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Prada holds a 100% interest in the capital stock of Companhia Brasileira de Latas - "CBL". </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On 2015, Prada has incorporated its subsidiary Rimet Empreendimentos Industriais e Comerciais.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Distribution</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Prada is a player in the market of processing and distribution regarding flat steel products, with a diversified product line. It provides coils, rolls, strips, blanks, metal sheets, profiles, tubes and tiles, among other products, to the most different industry segments - from automotive to construction. It is also specialized in providing service steel processing, meeting the demand of the all national companies.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN ENERGIA S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Its main objective is the distribution of the excess electric power generated by CSN and Companies, consortiums or other entities in which CSN holds an interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>FTL - FERROVIA TRANSNORDESTINA LOG&#205;STICA S.A. (&#8220;FTL&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>FTL was created on the purpose of incorporating the spin-off portion of TLSA, the Company holds the concession to operate the railway cargo transportation, the public service is provided in northeastern of Brazil, which includes the rail segments of Sao Luis - Fortaleza, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau and Propri&#225; - Jorge Lins ("Network I").</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>As of November 2016, the CSN subscribed shares by capitalization of advances for future capital increase amounting R$ 39,341, therefore its participation in the share capital of the company increased from 89.79% to 90.78%. As a result of the operations described above that caused a change in the shareholder&#8217;s participation, the Company recorded a loss in the amount of R$(25) recorded in shareholders' equity in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>CSN MINERA&#199;&#195;O S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Headquartered in Congonhas, Minas Gerais, it is primarily engaged in the production, purchase and sale of iron ore. CSN Minera&#231;&#227;o S.A. commercializes its products mainly in the overseas market. From 30 November 2015, the CSN Minera&#231;&#227;o S.A. has centralized mining operations of CSN, including the establishments of the mine Casa de Pedra, the port TECAR and the participation of 18.63% in MRS. The participation of the CSN in this subsidiary is 87.52%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>MIN&#201;RIOS NACIONAL S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Headquartered in Congonhas, Minas Gerais, Minera&#231;&#227;o Nacional is mainly engaged in the production and commercialization of iron ore. This subsidiary concentrates the mining rights assets related to the Fernandinho, Cayman and Casa de Pedra mines transferred to this subsidiary in the business combination process that took place in 2015.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>CGPAR CONSTRU&#199;&#195;O PESADA S.A. (&#8220;CGPAR&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>A CGPAR was formed between CSN and GPA Constru&#231;&#227;o Pesada e Minera&#231;&#227;o Ltda. The investment was considered a joint operation until the moment that it started being controlled by CSN as explained in note 3.2.&nbsp;&nbsp; Based in the city of Belo Horizonte, MG, CGPAR is mainly engaged in providing services related to the support to the extraction of iron ore, earth leveling, earthmoving, and dam construction.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>10.d) Joint ventures and joint operations financial information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) Refers to the consolidated results of </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>Namisa until November 30,2015</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - (&#8220;ITASA&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>ITASA is a corporation established in July 1996 that was engaged to operate under a shared concession, the It&#225; Hydropower Plant (UHE It&#225;), with 1,450 MW of installed power, located on the Uruguay River, on the Santa Catarina and Rio Grande do Sul state border. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>MRS LOG&#205;STICA S.A. (&#8220;MRS&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>With registered offices in the City of Rio de Janeiro-RJ, this subsidiary is engaged in public railroad transportation, on the basis of an onerous concession, on the domain routes of the Southeast Grid of the federal railroad network (Rede Ferrovi&#225;ria Federal S.A. &#8211; RFFSA), located in the Southeast (Rio de Janeiro, S&#227;o Paulo and Belo Horizonte. The concession has a 30-year term as from December 1, 1996, extendable for an equal term by exclusive decision of the concession grantor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>MRS may further engage in services involving transportation modes related to railroad transportation and participate in projects aimed at expanding the railroad service concessions granted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>For performance of the services covered by the concession for a, MRS leased from RFFSA for the same concession period, the assets required for operation and maintenance of the freight railroad transportation activities. At the end of the concession, all the leased assets are to be transferred to the ownership of the railroad transportation operator designated at that time.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In 2014, the Company had a direct equity interest of 27.27% in the capital stock of MRS, as well as an indirect equity interest of 10% therein, together with its joint venture Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On 2015, the Company has transferred 8.63% of its direct participation in MRS to CSN Minera&#231;&#227;o S.A under the business combination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Owing to the transaction in question, the Company had a direct equity interest of 18.64% in the capital stock of MRS and an indirect equity interest of 18.63% through its subsidiary CSN Minera&#231;&#227;o S.A, consequently the total participation is 37.27%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Igarapava Hydroelectric Power Plant is located on the Grande River, in the city of Conquista, MG, and has installed capacity of 210 MW. It consists of 5 bulb-type generating units.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN holds a 17.92% investment in the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The balance of property, plant and equipment less depreciation as of December 31, 2016 is R$25,921 (R$27,084 as of December 31, 2015) and the expense in 2016 amounted to R$6,041 (R$5,040 in 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CBSI - COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA (&#8220;CBSI&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CBSI is the result of a joint operation between CSN and CKTR Brasil Ltda. Based in the city of Arauc&#225;ria, PR, CBSI is primarily engaged in providing services CSN and other third-party entities, and can operate activities related to the refurbishment and maintenance of industrial machinery and equipment, construction maintenance, industrial cleaning, logistic preparation of products, among other activities. &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA S.A. (&#8220;TLSA&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>TLSA is primarily engaged in the public service operation and development of a railroad network in the Northeast of Brazil network, comprising the rail segments Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro- Porto de Suape, and Miss&#227;o Velha-Porto de Pec&#233;m sections (&#8220;Railway System II&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>It is in pre-operational phase and should remain so until the completion of Rail Network II. The approved schedule, which considered the completion of the work by January 2017, is currently under review and discussion with the responsible bodies; However, Management understands that new deadlines for project completion will not have material adverse effects on the expected return on investment. After assessing this matter, its Management has concluded as appropriate the use of the accounting basis of operating continuity of the project in the preparation of its financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>During the year 2016, the others shareholders of TLSA subscribed 6,842,806 shares in amounting to R$360,000, diluting &nbsp;CSN on TLSA share capital to 49.02%.&nbsp; Therefore, due to the transactions described above and the participation change of the shareholders in the share capital of TLSA on 2016, the Company recognized a gain of R$1,324, recorded in equity in others comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>Even though at December 31, 2016, the Company has negative net working capital of R$ 182,339, management receives funds from its shareholders and third parties for completion of the works, which are expected to be available, based on agreements previously entered into and recent discussions between the involved parties. After analyzing this matter, Management concluded as adequate the use of the accounting base of the project&#8217;s going concern in the preparation of the financial statements for the year ended December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In this direction, TLSA performed an impairment test of its own long-live assets using the discount cash flow method and considered the main assumptions, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Measurement of recoverable value:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Cash Flow Projection</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Until 2057</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Gross Margin</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Based on market studies to capture operations costs and loads, according studied of market trends.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Estimated Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Costs based on studies and market trends.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Growth rate in perpetuity</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Growth rate was not considered due to the projection model until the end of the concession. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Between 4.25% to 7.90% in real terms.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-49</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In addition, CSN, as an investor, performed an impairment test of its stake in TLSA, through TLSA ability to distribute dividends, methodology known as Dividend Discount Model, or DDM, to remunerate the capital invested by shareholders. In order to perform this test, some aspects were taken into account, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The flow of dividends was obtained from the TLSA nominal cash flow;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The flow of dividends was calculated considering the annual percentages of participation, considering the dilutions of the CSN&#8217;s stakes due to the amortization of debts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>This flow of dividends was discounts at present value using de cost of equity (Ke) embedded in the WACC rate of TLSA; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>This Ke obtained was the one calculated in the &#8220;rolling WACC&#8221; of TLSA.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Another important aspect that was considered in the analysis of the impairment of CSN&#8217;s investment in the TLSA, was the need to apply an additional percentage of risk to the discount rate in addition to the one already used to determine the discounted cash flow of TLSA. Due to the sharing of investors risks, and by the fact that the asset that is being tested represents the cash-generating unit itself, which is equal to the legal entity, the risk determined by CSN Management is the same applied by TLSA when the evaluation of their own investments, not applying an additional risk factor to the model.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As a result, the Company recognized a loss in the added-value of the investments of TLSA in the amount of R$ 387,989 recorded in other operations and R $ 131,916 in deferred taxes </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>10.e) Additional information on indirect participation in foreign operations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>STAHLWERK TH&#220;RINGEN GMBH (&#8220;SWT&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>SWT was formed from the former industrial steel complex of Maxh&#252;tte, located in the Germany city of Unterwellenborn, which produces steel shapes used for construction in accordance with international quality standards. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Its main raw material is steel scrap, the Company has an installed production capacity of 1.1 million metric tons steel/year. The SWT is a wholly owned indirect subsidiary of CSN Steel S.L.U, a subsidiary of CSN.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The CSN LLC has an industrial plant in Terre Haute, Indiana State - USA, where is located the cold rolled and galvanized steel production lines. The LLC assets and liabilities came from the extinct Heartland Steel Inc., Incorporated in 2001. CSN LLC is a wholly owned indirect subsidiary of CSN Americas S.L.U, a subsidiary of CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>LUSOSIDER A&#199;OS PLANOS S.A. (&#8216;Lusosider&#8217;&#8217;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional (a company privatized by the Portuguese government that year), Lusosider is the only Portuguese company of the steel industry to produce cold rolled and galvanized anti-corrosion steel. Based in Paio Pires, The Lusosider has an installed capacity of about 550,000 tons / year to produce four large groups of steel products: galvanized sheet, cold rolled sheet, pickled and oiled plate. The products are manufactured by Lusosider and may be used in the packaging industry, construction (pipes and metallic structures) and in home appliance components.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>10.f) Other investments </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>PANATL&#194;NTICA S. A. (&#8220;Panatl&#226;ntica&#8221;)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Panatl&#226;ntica is a publicly-held company, headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in the manufacturing, trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is classified as available-for-sale and measured at fair value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company currently holds 11.35% (11.38% as of December 31, 2015) of Panatl&#226;ntica&#8217;s total share capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>USINAS SIDERURGICAS DE MINAS GERAIS S.A. &#8211; USIMINAS (&#8220;USIMINAS&#8221;)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Usiminas, headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and related operations.&nbsp; Usiminas produces flat rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, the final product is sold in the domestic and foreign market. Usiminas also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization strategies. Usiminas also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia Mole, Esp&#237;rito Santo, all centers are located in strategic locations for the shipment of its production.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: top; LINE-HEIGHT: 115%" face=arial,sans-serif>On April 9, 2014, the Administrative Council for Economic Defense (CADE - Conselho Administrativo de Defesa Econ&#244;mica) issued its decision on the matter about the Usiminas shares held by CSN signing a Performance Commitment Agreement), also called TCD, between CADE and CSN. Under the terms of the decision of CADE and TCD, CSN must reduce its interest in Usiminas,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: top; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif> within a specified period. The deadline and percentage reduction are confidential. In addition, the political rights in Usiminas will continue suspended until the Company reaches the limits established in the TCD.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>In March 2016, the Board of Directors of Usiminas approved a capital increase of R $ 64,882, through the issue of up to 50,689,310 preferred shares. On April 22, 2016, CSN exercised its preemptive rights in full, paying R $ 11,603 for 9,064,856 preferred shares. This increase was approved by the Board of Directors of Usiminas on June 3, 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On March 24, 2016, the Company requested to CADE (Brazilian Antitrust Agency) the flexibilization of the PAT (Performance Commitment Agreement (TCD), in order to enable us the exercise of certain political rights, namely the power to elect independent members of the board of directors and supervisory board. On April 27, 2016, CADE approved the Company&#8217;s request to permit such election. On April 28, at the Usiminas&#8217; annual general meeting, the Company elected 2 independent members of the board of directors and 1 of the supervisory board, as well as the same number of alternates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>In April 2016, the Extraordinary Shareholders' Meeting of Usiminas approved a capital increase of R$ 1,000,000 through the issue of 200,000,000 common shares. On May 20, 2016, CSN exercised its preemptive right in full, paying R$ 178,832 for 35,766,351 common shares. This increase was approved by the Extraordinary General Meeting of Usiminas on July 19, 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>As of December 31, 2016, the Company reached holdings of 15.19% in common shares and 20.86% in preferred shares (As of December 31, 2016 14.13% in common shares and 20.69% in preferred shares) of USIMINAS share capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>USIMINAS is listed on the S&#227;o Paulo Stock Exchange (&#8220;BM&amp;F BOVESPA&#8221;: USIM3 and USIM5).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; ARVEDI METALFER DO BRASIL S.A. (&#8220;Arvedi&#8221;)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Arvedi, headquartered in Salto, State of S&#227;o Paulo, is engaged in pipe production. As of December 31, 2016 and 2015 CSN held 20.00% of Arvedi&#8217;s share capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The breakdown of the projects that comprise construction in progress is as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Project description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Start date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US 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: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Logistics</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Current investments for maintenance of current&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operations.&nbsp; </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103,284</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,457</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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103,284</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,457</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mining</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Expansion of Casa de Pedra Mine capacity production.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2007</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>689,160</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>709,945</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Expansion of TECAR export capacity.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2009</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>253,545</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>390,920</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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Current investments for maintenance of current operations.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>261,056</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>302,764</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,203,761</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,403,629</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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Supply of 16 torpedo&#8217;s cars for operation in the steel industry.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2008</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>91,779</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,697</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Expansion of the service center/Mogi. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,950</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Current investments for maintenance of current operations.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>&nbsp;(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>307,448</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>375,579</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>399,227</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>496,226</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; Construction of cement plants.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2011</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>529,631</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,254,897</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; Current investments for maintenance of current operations.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,961</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,177</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>554,592</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,264,074</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Construction in Progress</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,260,864</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,199,386</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) Estimated completion date of the Central Plant Step 1;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Estimated completion date of phase 60 Mtpa;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Completion date of Mogi Service Center;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(4) Refers substantially to the reforming of batteries for coke ovens and reuse of the carbochemical cooling waters;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="Times New Roman">(5) </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Refers substantially to the acquisition of new Integrated Cement Plants</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The estimated useful lives are as follows (in years): &nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</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" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43</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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Machinery, equipment and facilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-53</FONT></P>

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   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_212"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>11.a) Depreciation, amortization and depletion expenses:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Production costs</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,241,425</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,107,878</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,222,302</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,163</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,115</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,066</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,228</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,876</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,763</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,278,816</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,130,869</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,245,131</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating expenses (*)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,681</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,068</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,354</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,322,497</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,171,937</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,281,485</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) Refers mainly to the amortization of intangible assets, as described in note 25.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>11.b) Capitalized Interest</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, the Company capitalized borrowing costs amounting to R$215,794 in consolidated (as of December 31, 2015, R$166,366 ). These costs are basically estimated for the cement and mining projects, mainly relating to: new integrated cement plant; and (ii) Casa de Pedra (MG) expansion and TECAR (RJ), see notes 26 and 32.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The rates used to capitalize borrowing costs are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Rates</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Unspecified projects</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>10.48%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>11.35%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-54</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_213"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<IMG border=0 src="table06.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) Composed mainly by mineral rights with</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> estimated </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>resources of 1,101 million tons. Corresponding amortization is recorded based on production volumes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The estimated average useful lives by nature are as follows (in years):&nbsp; </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</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" width="69%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Software</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Customer relationships</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13 </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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>12.a) Impairment testing</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The goodwill arising from expectations for future profitability of the companies acquired and the intangible assets with indefinite useful lives (trademarks) have been allocated to the operational divisions (cash-generating units) of CSN, which represent the lowest level of assets or group of assets. When a CGU has an intangible asset with indefinite useful life allocated, the Company performs an impairment test. The CGU with intangible assets in this situation are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trademarks</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generating unity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Packaging </FONT><FONT style="FONT-SIZE: 8pt"><FONT face=arial,sans-serif>(1)</FONT><FONT face=arial,sans-serif> </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,748</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,748</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,748</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,748</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Flat steel </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Long steel </FONT><FONT style="FONT-SIZE: 8pt"><FONT face=arial,sans-serif>(2)</FONT><FONT face=arial,sans-serif> </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>235,595</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>235,595</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116,196</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>143,636</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>351,791</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>379,231</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT><FONT style="FONT-SIZE: 8pt"><FONT face=arial,sans-serif>(3)</FONT><FONT face=arial,sans-serif> </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,196,588</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,196,588</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,196,588</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,196,588</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,590,931</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,604,022</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116,196</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>143,636</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,707,127</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,747,658</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(1) The goodwill of the Packaging cash-generating unit is shown net of impairment loss in the amount of R$109,330, </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>recognized in 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-55</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_214"></A>

<a name="_bclPageBorder214"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(2) The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived from the business combination of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Stahlwerk Thuringen</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif> GmbH ("SWT") and Gallardo Sections CSN. The assets mentioned are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(3) Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Minera&#231;&#227;o, an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis. See further details relating to calculation of the goodwill in note 3.1.3b &#8211; Business Combination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The impairment testing of the goodwill and the trademark include the balance of property, plant and equipment of the cash-generating units and also the intangible. The test is based on the comparison between the actual balances and the value in use of those units, determining based on the projections of discounted cash flows and use of such assumptions and judgements as: growth rate, costs and expenses, discount rate, working capital, future Capex investment and macroeconomic assumptions observable in the market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The main assumptions used in calculations of value in use at December 31, 2016 are as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">
<IMG border=0 src="table07.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) Include<FONT style="FONT-SIZE: 9pt" face=Arial>s</FONT> the assets related to the plant of A&#231;os Longos located at Usina Presidente Vargas and the subsidiary SWT. For the assets located in Germany, the discount rate was applied on the discounted cash flow prepared in Euros, the functional currency of this subsidiary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>Based on the analyses conducted by Management, <FONT style="FONT-SIZE: 9pt" face=Arial>it </FONT>was not necessary to record losses by impairment to those assets&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>for</FONT> the year ended on December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-56</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_215"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</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" width="16%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rates p.a.&nbsp; (%)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current liabilities</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" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>FOREIGN CURRENCY</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prepayment </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1% to 3.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,944</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>207,657</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>482,347</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,633,137</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prepayment </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.51% to 8%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>438,802</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>286,487</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,290,062</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,429,716</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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,436</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,315</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,259,100</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,904,800</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed rate notes </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.14% to 10%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>137,126</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>175,768</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,529,380</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,910,992</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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Forfaiting</FONT></I></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Libor + Spread</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>288,772</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.2% to 8%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95,983</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,594</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>259,262</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>425,635</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" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>787,291</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,079,593</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,820,151</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,304,280</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>LOCAL CURRENCY</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,3% + TJLP and fixed rate 2.5% to 6% + 1,5% </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,736</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>55,435</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,012,268</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,018,189</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110.8% to 113.7% of CDI</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>538,003</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>60,670</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,270,383</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,750,000</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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prepayment </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>109.5% to 116.5% of CDI and fixed rate of 8%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>570,778</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>522,418</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,080,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,200,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CCB </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>112.5% and 113% of CDI</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>181,143</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,976</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,200,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,200,000</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" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Drawee risk</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,063</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,229</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,107</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" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,363,660</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>821,791</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,562,651</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,180,296</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total borrowings and financing (Note 14 I)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,150,951</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,901,384</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,382,802</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,484,576</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" width="49%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transaction costs and issue premiums</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,503)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,703)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59,232)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(76,742)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total borrowings and financing + transaction costs</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,117,448</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,874,681</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,323,570</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,407,834</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>13.a) Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures by maturity date is presented as follows:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,593,215</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,168,873</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,484,315</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26%</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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,219,779</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,839,804</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6%</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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2022</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>817,716</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,259,100</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,382,802</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-57</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_216"></A>

<a name="_bclPageBorder216"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>13.b) Amortization and new borrowings, financing and debentures </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The table below presents the new funding transactions and amortization during the year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,282,515 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,354,058 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funding Transactions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,034 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978,206 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting funding / Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,240 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924,706 </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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Repayment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (695,938)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,850,077)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payments - Forfaiting / Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407,155)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,146,306)</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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of interest and other&nbsp;charges</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,044,342)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,957,762)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of interest and other&nbsp;charges &#8211; Forfaiting / Drawee</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,694)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,064)</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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision of interest and other&nbsp;charges</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,156,120 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,052,164 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision of charges - &nbsp;Forfaiting / Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,237 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,032 </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" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others (1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,956,999)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,932,558 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.05pt">

   <TD style="HEIGHT: 14.05pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.05pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,441,018 </FONT></B></P></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.05pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,282,515 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>(1) Includes </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>unrealized monetary and&nbsp;foreign exchange </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>varia<FONT style="FONT-SIZE: 7pt" face=Arial>tion</FONT>s</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In 2016, the Group captures and amortized loans as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Funding</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; Consolidated</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transaction</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial institution</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financing &#8211; Acquisition of SWT&#8217;s assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Kreissparkasse Saalfeld-Rudolstadt</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June/16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,437 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>January/18</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Financing - FINEP (1) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>FINEP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October/16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;22,597 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>February/26</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Drawee risk </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250;</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>February/16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;78,240 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June/16</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>108,274 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In 2016, CSN contracted a credit line from FINEP (Financiadora de Estudos e Projetos) in the amount of R$173,822, of which R$22,597 has already been partially disbursed. At December 31, 2016, the Company had a financial investment linked to CDB to secure a letter of guarantee in the amount of </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>R$ 25,750, see note 6.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Amortization</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated</FONT></B></P>

<DIV align=right>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Principal</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Charges</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Fixed Rate Notes </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,948 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700,982 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Debentures </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263,750 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Bank Credit Bill </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995,006 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Export Credit Note </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; 65,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813,701 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Pre - Export Payment </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170,731 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210,676 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;BNDES/FINAME </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; 50,856 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58,900 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Pre - Debt Payment </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297,239 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Drawee risk </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162,303 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Forfaiting </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244,852 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,694 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Others </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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; 4,164 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,327 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,103,093 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,050,036 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-58</FONT></P></DIV>

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   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_217"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Covenants</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company's loan agreements establish the fulfillment of certain non-financial obligations, as well as maintenance of certain parameters and performance indicators, such as disclosure of its audited financial statements according to regulatory deadlines or payment of commission on risk assumption, if the net debt-EBITDA ratio reaches the levels in those agreements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>Exceptionally the Company did not file the statutory&nbsp;financial statements for the year ended December 31,2016 within the regulatory period, according to a significant event disclosed on March 27, 2017. </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Due to this exceptionality, the Company requested the debenture holders of its 5th, 7th, 8th and 9th Debentures Issuance to grant additional term for the disclosure of th<FONT style="FONT-SIZE: 9pt" face=Arial>o</FONT>se financial statements until October 31, 2017. There was no early maturity decree of the Company's financings, due to the late disclosure of the financial statements in question.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>On December 31, 2016, the Company has accrued R$ 30,843 as the commission on risk assumption in the current liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 interest rate and foreign exchange and rate swaps.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Considering the nature of these instruments, their fair value is basically determined by using Brazil&#8217;s money market and mercantile and futures exchange quotations. The amounts recognized in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the maturities and characteristics of such instruments, their carrying amounts approximate their fair values.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Classification of financial instruments </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Fair value measurement </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:</FONT></P>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=center><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,298</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,298</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=center><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,966</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,966</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778</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" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Available-for-sale financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=center><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments</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="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,374,268</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,374,268</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,377,234</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,298</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,379,532</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>482,452</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>601,044</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial liabilities at fair value </FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</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="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 1pt; TEXT-INDENT: -1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257</FONT></B></P></TD></TR>

<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Level 2: Includes observable inputs in market such as interest rates, exchange etc., but not prices traded in active markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>There are no assets and liabilities classified as level 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-STYLE: normal; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B></EM>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company's accounting policy requires a quarterly analysis based on quantitative and qualitative information available in the market from the moment the instrument demonstrates a drop of more than 20% of their market value or from a significant drop in market value compared to their acquisition cost for more than 12 months. If the Company concludes that there was a significant drop in the price of the instrument, an impairment loss must be recognized. In 2012, considering the price of Usiminas shares on the BM&amp;F Bovespa, was recorded the first impairment loss on that shares. According to this policy, whenever the share price reached a level lower than the last record impairment, the Company should record further losses, redefining the new minimum threshold value of the shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>During the year 2016, </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>there was no impairment recorded and the gain from the change in share price in the period was recorded in other comprehensive income (the impairment recorded as of December 31, 2015 amounted to R$ 555,298): </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-61</FONT></P></DIV>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Class of shares</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Quantity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Variation in the year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Quantity</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Variation in the carrying amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Common</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp; 107,156,651 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.26 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885,114 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71,390,300 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286,989 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598,125 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp; 114,280,556 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468,550 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 105,215,700 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163,084 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305,466 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp; 221,437,207 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,353,664 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 176,606,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450,073 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903,591 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Share market price risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company is exposed to the risk of changes in share prices due to the investments made and classified as available-for-sale. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>According to the Company&#8217;s accounting policies, any negative changes in the investment in Usiminas considered significant (impairment) are recognized in profit or loss and the other changes that not occur from impairment are recognized in comprehensive income until the investment is realized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, the amount recognized in comprehensive income for investments available for sale, net of taxes is R$678,035 (R$(73) as of December 31, 2015).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-62</FONT></P>

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   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_221"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>III - Financial risk management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company has and follows a policy of managing its risks, with guidelines regarding the risks incurred by the company. Pursuant to this policy, the nature and general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact on cash flow. The credit limits and the quality of counterparties&#8217; hedging instruments are also periodically reviewed. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Under this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain a level of financial flexibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Under the terms of the risk management policy, the Company manages some risks by using derivative instruments. The Company&#8217;s risk policy prohibits any speculative deals or short sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.a) Foreign exchange and interest rate risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Exchange rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The exchange rate risk arises from the existence of assets and liabilities denominated in US dollars or Euros, since the Company&#8217;s functional currency is the <FONT style="FONT-SIZE: 9pt" face=Arial>R</FONT>eal<FONT style="FONT-SIZE: 9pt" face=Arial>.</FONT> Net exposure is the result of offsetting the natural currency exposure by hedging instruments adopted by CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The consolidated net exposure as of December 31, 2016 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;12/31/2016</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Amounts in US$&#8217;000)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Amounts in &#8364;&#8217;000)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents overseas</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>913,513 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,614 </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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade receivables </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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372,613 </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="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,497 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,906 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,157 </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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,290,032 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,268 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,373,046)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97,602)</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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade payables</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97,231)</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="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,438)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,946)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,288)</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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,488,223)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109,328)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,198,191)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,060)</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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash flow hedge accounting</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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,457,667&nbsp;</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="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net Investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>96,000&nbsp;</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" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net foreign exchange exposure</FONT></B></P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,740,524)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,940</FONT></B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.4pt">

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Perpetual Bonds </FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,000,000</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.4pt">

   <TD style="HEIGHT: 8.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net foreign exchange exposure excluding perpetual bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 8.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(740,524) </FONT></B></P></TD>

   <TD style="HEIGHT: 8.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,940</FONT></B></P></TD></TR>

<TR>

   <TD width="68%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>During the second quarter of 2016, CSN began a process of reviewing its currency hedge strategy, which resulted in the settlement of the future dollar derivatives portfolio. As a result, the net foreign currency exposure at the consolidated balance sheet as of December 31, 2016 was US$1,740,524 thousand, as shown in the table above. It should be noted that the balance of net foreign currency exposure includes a liability of US$1 billion, in the line item of Loans and Financing related to perpetual bond that, considering its characteristics, will not require disbursement for settlement of the principal in a foreseeable future. Therefore, excluding perpetual bonds, the Company&#8217;s net foreign exchange exposure amounts to R$ 740,524 thousand. The company has focused its hedge strategy on preserving its cash flow, so it is evaluating a replacement of the exposure generated by the settlement of derivatives with new hedge accounting designations, capturing the existing natural hedges, as well as using other derivative instruments with the purpose of hedging CSN's future cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-63</FONT></P></DIV>

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   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_222"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Risk arises from short and long term liabilities with fixed or post fixed interest rates and inflation rates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Item 14 b) shows the derivatives and hedging strategies to protect exchange and interest rates risks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.b) Hedging instruments: Derivative and hedge accounting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Portfolio of derivative financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<IMG border=0 src="table09.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Forward DI contracts</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company to hedge part or all of its exposure to assets whose interest rates are pre-fixed may obtain DI derivative operations on the stock exchange or the over-the-counter market, linking these assets to market trends. As of December 31, 2016 the Company held in its portfolio forward CDI rate contracts traded at BM&amp;F Bovespa which totaled the notional amount of R$ 1.641 billion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The forward DI contract is defined as the accumulative value of the average daily DI rates of one day, calculated between the date of the transaction and the last trading date, being used to hedge and manage the interest rate risk of assets / liabilities in DI. The purchase and sale transactions, originally contracted in rate, will be converted into sale and purchase transactions, respectively, in PU.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The contract settlement is exclusively financial, on the due date and occurs daily until the maturity. The position held by the Company is set at the end of each session based on the difference of the day's settlement price (D0) compared to the previous day price (D-1), and is settled on the following day (D+1), according to the rules of BM&amp;F.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>&nbsp;For as much as the Company maintains contracts traded on the BM&amp;F Bovespa, it is required by the clearing house a guarantee margin to cover those commitments in these contracts, which is only a percentage of the contract&#180;s total amount. CSN maintains securities linked to this guarantee margin, consisting mainly of government bonds, which will be redeemed after the end position. The amounts of these investments are described in Note 6.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-64</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Dollar x Euro swap</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The subsidiary Lusosider has derivative transactions to protect its dollar exposure versus euro.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Classification of the derivatives in the balance sheet and statement of income</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(*) Swap positions were settled in February, March and April 2016.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Hedge accounting &#8211; cash flow</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>In order to better reflect the accounting impacts of this foreign exchange hedging strategy on its profit, CSN designated part of its US dollar-denominated liabilities as a hedging instrument of its future exports. As a result, foreign exchange differences arising on translating the designated liabilities will be temporarily recognized in shareholders&#8217; equity and allocated to profit or loss when such exports are carried out, which will allow recognizing the US dollar impact on liabilities and exports concurrently. Note that adopting hedge accounting does not entail contracting any financial instrument. As of December 31, 2016 the Company designated for hedge accounting US$1.5 billion in exports to be carried out between October, 2017 and October, 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>To support these designated amounts, the Company prepared formal documentation indicating how hedging is aligned with the goal and strategy of CSN&#8217;s Risk Management Policy by identifying the hedging instruments used, the hedging purpose, the nature of the hedged risk, and showing the expected high effectiveness of the designated relationships. The designated debt instruments total an amount equivalent to the portion of future exports. Thus, the exchange differences on translating the instrument and the hedged item are similar. According to the Company&#8217;s accounting policy, continuous assessments of the prospective and retrospective effectiveness must be carried out by comparing the designated amounts with the expected amounts, approved in Management&#8217;s budgets, and the actual export amounts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Through hedge accounting, the exchange gains and losses of the debt instruments do not immediately affect the Company&#8217;s profit or loss except to the extent that exports are carried out.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The table below shows a summary of the hedging relationships as of December 31, 2016:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) The effect on the result was recorded in other operating expenses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The movements in the hedge accounting amounts recognized in shareholders&#8217; equity as of December 31, 2016 are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Movement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Realization</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Realization</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash flow hedge accounting </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: 8pt" color=black face=arial,sans-serif>120,633</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,410,895</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,439)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; BACKGROUND: #dbe5f1" color=black face=arial,sans-serif>1,520,089</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,005,968)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,444)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>436,677</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(41,015)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(479,705)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,889</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(516,831)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(516,831)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Not recorded Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>516,831</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>516,831</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,831</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="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of cash flow hedge, net of taxes</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>79,618</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,448,021</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,550)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,520,089</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,005,968)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,444)</FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>436,677</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of December 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Net investment hedge in foreign subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN has a natural foreign exchange exposure in Euros substantially 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 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-66</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As from September 1<SUP>st</SUP>, 2015 CSN began to adopt hedge of net investment to eliminate exposure and 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 on December 31, 2016 are:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2016</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Designation Date</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Hedging Instrument</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Hedged Item</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Type of Hedged Risk</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Exchange Rate on designation</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Designated amounts (EUR'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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Impact on shareholders' equity</FONT></P></TD></TR>

<TR style="HEIGHT: 43.2pt">

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>09/01/2015</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Non-derivative financial<BR>liabilities in EUR &#8211; Debt contract</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Investments in subsidiaries which<BR>EUR is the functional currency</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Foreign exchange -<BR>R$ vs. EUR spot rate</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>4.0825</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>120,000</FONT></P></TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 43.2pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>57,804</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" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>01/31/2016</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Non-derivative financial liabilities in EUR &#8211; Debt contract</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Investments in subsidiaries which EUR is the functional currency</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="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Foreign exchange - R$ vs. EUR spot rate</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="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(24,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=calibri,sans-serif></FONT></B>&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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=calibri,sans-serif></FONT></B>&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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=calibri,sans-serif></FONT></B>&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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>96,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>57,804</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) In January 2016 it was settled the portion of debt designated as a hedge instrument.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The changes in the amounts related to net investment hedge as of December 31, 2016 are presented below: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Realization</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Realization</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,148</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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,148</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,952)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(57,804)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of net investment hedge in foreign operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,148</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,148</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,952)</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(57,804)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On December 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.c) Sensitivity analysis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>We present below the sensitivity analysis for currency risk and interest rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Sensitivity analysis of Derivative Financial Instruments and consolidated Foreign Exchange Exposure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company considered scenarios 1 and 2 as 25% and 50% of deterioration for volatility of the currency, using as reference the closing exchange rate as of December 31, 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The currencies used in the sensitivity analysis and its scenarios are shown below: </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-67</FONT></P></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>USD</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2591 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1412 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0739 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8887 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>EUR</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4384 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7230 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2980 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.1576 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>USD x EUR</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0541 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1867 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3176 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5812 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif><BR clear=all></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest rate</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.63%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>17.04%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20.45%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.50%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>9.38%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11.25%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>LIBOR</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>1.65%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.98%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The effects on income statement, considering the scenarios 1 and 2 are shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Notional amount</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable<BR>scenario (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge accounting of exports</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,667</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,644</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,187,670</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,375,340</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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency position</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,198,191)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,995)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,605,806)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,211,612)</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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(not including exchange derivatives above)</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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,740,524)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,351)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,418,136)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,836,272)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net Investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>96,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,768</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,520</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,040</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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency position</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(86,060)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(38,340)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,975)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(147,950) </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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,940</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,428</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,545</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,090</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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap</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="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,250</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,574)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,389)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,847)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(*) The probable scenarios were calculated considering the following variations to the specified risks: Real x Dollar &#8211; depreciation of Real in 0.08% / Real x Euro &#8211; depreciation of Real in 12.96% / Dollar x Euro &#8211; depreciation of dollar in 12.41%. Source: Quotation from Central Bank of Brazil and Central Bank of Europe on 11/30/2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Sensitivity analysis of interest rate swaps</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"> </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; 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: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Instruments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Notional amount</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>P</FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>robable scenario (*)</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; 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: center; MARGIN: 0cm 0cm 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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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foward DI </FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; 1,641,378 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(121)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,930 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111,860 </FONT></P></TD></TR>

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   <TD width="9%">&nbsp;</TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2016 recognized in the company's assets and liabilities.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-68</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Sensitivity analysis of changes in interest rates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company considered the scenarios 1 and 2 as 25% and 50% of evolution for volatility of the interest as of December 31, 2016.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on profit or loss</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in interest rates</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>% Yearly</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Probable scenario (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,070,088)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,349)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,064)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,128)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Libor</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,277,569)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,586)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,385)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,770)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CDI</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 13.63 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,390,707</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,442,567)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(229,164)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(444,742)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(889,484)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2016 recorded in the Company&#180;s assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.d) Liquidity risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of mismatching of terms or volumes between scheduled receipts and payments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>To manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily monitored by the treasury area. The payment schedules for the long-term portions of borrowings, financing and debentures are shown in note 13.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The following table shows the contractual maturities of financial liabilities, including accrued interest.</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At December 31, 2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Less than one<BR>year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From one to<BR>two years</FONT></B></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From two to five<BR>years</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over five years</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings, financing and debentures</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,150,951</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,762,088</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,543,898</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,076,816</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,533,753</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" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial instruments</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>121</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,763,206</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,763,206</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" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on capital</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484,570</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484,570</FONT></P></TD></TR>

<TR>

   <TD width="22%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IV - Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Financial assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities, and any gains and losses are recognized as finance income or finance costs, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The amounts are recognized in the financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except the amounts below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&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="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Carrying amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Carrying amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,263,536 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,702,134 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,910,115 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,330,685 </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" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed rate notes</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="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,666,506 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,907,339 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,086,760 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,915,310 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-69</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 8pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 107%" face=arial,sans-serif>Credit risks </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=arial,sans-serif>The exposure to credit risks of financial institutions complies with the parameters established by financial policy. The Company has as practice the detailed analysis of the patrimonial and financial situation of its clients, the establishment of a credit limit and permanent monitoring of its debit balance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=arial,sans-serif>With regard to financial investments, the Company only made investments in institutions with low credit risk rated by rating agencies. Since part of the funds is invested in repurchase agreements that are backed by Brazilian Government Bonds, there is also exposure to the credit risk of the Brazilian State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=arial,sans-serif>Capital Management</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company manages its capital structure in order to safeguard its ability to continue to offer shareholder returns and benefits to other stakeholders, as well as maintaining an ideal capital structure to reduce this cost. </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-70</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>OTHER PAYABLES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payables to related parties (Note 20 b)</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: 8pt" face=arial,sans-serif>10,927</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,798</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial instruments (Note 14 I)</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: 8pt" face=arial,sans-serif>121</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on capital payable (Note 14 I) </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>484,570</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>464,982</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Advances from customers</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: 8pt" face=arial,sans-serif>90,720</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,505</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes in installments (Note 17)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,444</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,237</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>83,312</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87,890</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit sharing &#8211; employees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>211,791</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>171,695</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Freight provision</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>57,586</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>105,104</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for industrial restructuring</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>122,854</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,518</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,805</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other provision</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23,162</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,784</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Third party materials in our possession</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>288</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>184</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>105,115</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>70,617</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,307</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,589</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,021,724</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,073,017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,137</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,284</FONT></B></P></TD></TR>

<TR>

   <TD width="49%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dividends payable by the subsidiary CSN Minera&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>16.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>16.a) Income tax and social contribution recognized in profit or loss:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The income tax and social contribution recognized in profit or loss for the year are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>Consolidated</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" width="55%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution income (expense)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206,178) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(135,671)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(528,170)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60,368)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,767,545)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>679,323</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(266,546)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,903,216)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>151,153 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-71</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="50%"></TD>

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   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_230"></A>

<a name="_bclPageBorder230"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 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" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</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" width="53%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss)/Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(576,951)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,685,341</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(263,420)</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" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax rate</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution at combined statutory rate</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>196,163</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(573,016)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>89,563</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" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment to reflect the effective rate:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity pick-up</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,072</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>394,492</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>112,594</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit with differentiated rates or untaxed</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(287,502)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>798,603</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,772</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer pricing adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(63,638)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,447)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,350)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards without recognizing deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(821,920)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(89,978)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,259)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Limit of Indebtedness </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,391)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,091)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,170)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrecorded deferred taxes on temporary differences&nbsp; (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>643,990</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,133,091)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Losses)/Reversal for deferred income and social contribution tax credits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>44,691</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,949,003)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Refis Effect and early discharge program </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,586)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,649)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution on foreign profit</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,613)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>72,376</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value gain of 59.76% interest held in Namisa </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>855,551</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill amortization of Metalic </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31,439</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax incentives</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,673</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" 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" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of deferred tax in Namisa</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(107,773)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red 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" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of deferred tax in Prada</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,681)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other permanent deductions (additions)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,490</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,571)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,652</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution in profit for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(266,546)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,903,216)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>151,153</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-46% </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>172%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp;(1) As from third quarter of 2015 the Company no longer records income tax and social contribution credits on tax losses and temporary differences. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-72</FONT></P></DIV>

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   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_231"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>16.b) Deferred income tax and social contribution:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The deferred income tax and social contribution recorded in non-current assets refer solely to tax losses and negative basis of social contribution and were limited to 30% of the deferred income tax and social contribution recorded in liabilities. The remaining balance of tax losses and negative basis of social contribution and the total temporary differences were written off and maintained in the Company&#8217;s tax books for future utilization and amounted as of December 31, 2016, respectively, to R$ 3,067,726 and R$ 1,095,848.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Opening Balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Movement </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Movement </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders' <BR>Equity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit or<BR>&nbsp;loss </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Allocated Goodwill</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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders' <BR>Equity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit or <BR>loss </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; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; 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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax losses </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383,185 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,629 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,533 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,909 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417,256 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556,397 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; (2,853)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970,800 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Social contribution tax losses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,662 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,303 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,804 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,769 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179,887 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; (1,027)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340,629 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Temporary differences </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,918,318 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58,032)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,866,386)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (624,891)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,997 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,572,992)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71,769 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796,652)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 9,700 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,288,175)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Provision for tax social security, labor, civil and environmental risks </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>226,741 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,967 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,215 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245,923 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,615 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 3,398 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256,936 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Provision for environmental liabilities </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71,925 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,365 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,290 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,758 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,048 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Assets impairmant losses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,981 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,880 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,291 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87,152 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,756 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,908 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Inventory imparment losses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,366 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,568)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,250 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,048 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,234 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 1,421 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,703 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- (Gains )/ losses in financial instruments </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,419)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,454)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,154 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,300)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- (Gains )/losses on available&nbsp; for&nbsp; sale financial assets </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>618,291 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,897 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188,801 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947,989 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242,060)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705,929 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>163,627 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 436 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164,167 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,387)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,202)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,578 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Acrrued supplies and services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,483 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,620)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,538 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92,401 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,625 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 75 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123,101 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,852 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,762 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,614 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,751 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 1,643 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,008 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Goodwil on merger</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102,659)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,435)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,305 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,211 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; (8,113)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 815 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Unrealized exchange differences&nbsp;&nbsp; (1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,011,007 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,416,919 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,427,926 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (838,275)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,589,651 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(224,096)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224,096)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131,916 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92,180)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Cash flow hedge accounting </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,015 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475,816 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516,831 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (368,360)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148,471 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Aquisition Fair Value SWT/CBL</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(222,454)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80,260)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,140 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (299,574)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52,506 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,717 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 5,350 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199,001)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Deferred taxes non computed</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (357,951)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,315,953)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,673,904)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527,520 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175,915)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; (2,138)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,324,437)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Estimated (Losses)/reversals to deferred taxes credits</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(224,045)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,949,003)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,173,048)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114,627 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,691 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,013,730)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Business Combination</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (433,197)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (624,891)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,058,088)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,736)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,072,824)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,658 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,490)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,748 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,703 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212,620 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,923 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,458)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 8,064 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190,149 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;2,377,166 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46,403)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,767,550)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (624,891)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,710 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (993,967)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71,769 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60,368)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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; 5,820 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (976,746)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Deferred Assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,616,058 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,066 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,151 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Deferred&nbsp; Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238,892)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,072,033)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,046,897)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total Deferred&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,377,166 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (993,967)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,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: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (976,746)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(1) The Company taxes </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>the </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>foreign exchange differences on a cash basis to calculate income tax and social contribution.</FONT> </P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company has foreign 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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif> From 2012 up to 2016 such foreign subsidiaries generated profits amounting to R$ 1,743,368. If for some reason tax authorities understand that these profits are subject to additional taxation in Brazil in respect of income tax and social contribution, which if due, would total R$ 580,332.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>16.c) Impairment test - Deferred taxes</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Annually, CSN performs a technical study to demonstrate if the generation of future taxable profits support the realization of tax credits. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>This study is prepared at Entity level, in accordance with the Brazilian tax legislation, and is performed considering substantially the parent company&#8217;s projections since the other group companies do not have material credits for purposes of this study. The parent company engages in the following businesses:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&#8226; Flat Steel Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&#8226; Long Steel Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&#8226; Cement;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>The deferred tax assets on tax losses and temporary differences refers mainly to the following:</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-73</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Nature</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Description</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Tax losses</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In recent periods, the Company started to incur in tax losses, mostly because of high financial expenses, as substantially all our loans and financings are on this level.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Exchange difference expenses</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Since 2012 the Company opted by the taxation on a cash basis. As the Company have operated without taxable profit, it would not make sense to use this deductibility year by year (accrual basis). As a result of the cash basis tax treatment, taxes are only due and expenses are only deductible at the time of debt settlement. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Losses on Usiminas shares</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>The losses on Usiminas shares are recognized on an accrual basis, but the taxable event will occur only at the time of divestment,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>expected to occur in the period projected to compensate the deferred taxes. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Other provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Various accounting provisions are recognized on an accrual basis, but their taxation occurs only at the time of its realization, such as provisions for contingencies, impairment losses, environmental liabilities, etc.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The study is prepared based on the Company business plan of long-term in period reasonably estimated by management and considered several scenarios which vary according to different macroeconomic and operating assumptions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>The model for projection of taxable profit considers two main indicators: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Pre-Tax Profit, reflecting our projected EBITDA plus depreciation, other income and expenses and financial income (expenses); and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Taxable Profit, which is our pre-tax profit plus (minus) expenses and income items that are taxable at a time different from the time obtained on an accrual basis (temporary differences).</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Taxable profit is obtained considering adjustments to pre-tax profits for the following main items:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Foreign Exchange differences: are expected to be offset against future profits based on the original in liquidation debts owed to third parties and rescheduling of intercompany debts (to match the periods of greater profitability);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Losses on Usiminas: the model assumed using the tax assets at the time of sale of the preferred shares (and realization of losses), exclusively; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Other provisions: in view of the unpredictability of the occurrence of losses for which we have recorded provisions, we assumed an even 10% utilization per year; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 17.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Tax loss: utilization is limited under Brazilian law to 30% of the taxable income in a given year. Under Brazilian law income tax losses do not expire and may be used to offset future taxable income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In addition, a sensitivity analysis of tax credits utilization considering a change in macroeconomic assumptions, operational performance and liquidity events took place. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>On the other hand, as a negative factor, CSN has experienced income tax losses in most of the last five years resulting from the deterioration of the Brazilian political and macroeconomic environment, as well as due to the growth of financial leverage, which has unbalanced the relationship between operating and financial results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>In summary, the main positive and negative evidences we considered in making our projections were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-74</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Positive aspects: Operating profit, non-expiration on tax losses benefit and extinguishment of the financial expenses arising from the elimination pre-existing relationship between Namisa and CSN, and dividends to be received from CSN Minera&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>Negative aspects: history of tax losses, substantial generation of cash used for payment of debts and increase in iron ore costs since, from the business combination, the Company started purchasing iron ore at market price from CSN Minera&#231;&#227;o and, pursuant to the Brazilian legislation, the utilization of the tax loss is limited to 30% of the taxable profit in the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The existence of tax losses generated in the last years is a material negative evidence for being objectively verifiable, and, consequently, more weight is given to this evidence than to others which may have subjectivity features, according to the interpretation of IAS 12 standard.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The projections of future taxable profits for 2015 that supported the recording of deferred tax credits attributed an important weight to the sale of certain non-core assets whose technical reflection during 2016 indicated that the corresponding sales would not be subject to inclusion in these projections since they would be out of Management&#8217;s control. This new understanding reduced the future taxable base for the period estimated in these projections. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Therefore, one considers that there are not sufficiently strong evidences that support the recording of the tax credits, limiting their recognition to 30% of the deferred tax liabilities. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>17. Tax installments programs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The position of the REFIS debts (refinancing program) and other tax installment payment plans, were recorded in current and non-current liabilities, as mentioned in note 15, are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Federal REFIS Law 11.941/09 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,956</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,891</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,779</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,247</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Federal REFIS Law 12.865/13 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,572</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,830</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>57,905</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>56,661</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other refinancing program </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,916</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,516</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,628</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,982</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="49%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,444</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,237</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>83,312</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87,890</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accrued liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Judicial deposits</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,523</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,852</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,035</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,472</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social security </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,574</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,174</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48,614</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,193</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>485,422</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>478,611</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>186,823</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,027</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Civil</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>137,857</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>128,451</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,179</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,634</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Environmental</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,716</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,646</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,220</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,697</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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposit of a guarantee</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,387</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,519</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>813,092</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,734</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>331,258</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>328,542</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The changes in the provision for tax, social security, labor, civil and environmental risks in the year ended December 31, 2016 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current + Non- current</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nature</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accrued charges</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net utilization of reversal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,852</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,293 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,533 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,155)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,523 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social security</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,174</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,392 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,992)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,574 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>478,611</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,571 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,766 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182,526)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485,422 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Civil </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>128,451</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,977 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,300 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,871)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137,857 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Environmental</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,646</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,647 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,260)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,716 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,734</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,488 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111,674 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258,804)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813,092 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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 and only proceedings for which the risk is classified as probable loss are accrued. Additionally, this provision includes tax liabilities resulting from lawsuits filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Tax lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The main tax lawsuits assessed by the outside legal counsel as probable losses to which CSN or its subsidiaries are parties are as follows: (i) Municipal tax assessments (ISS) incident in lease contracts; (ii) ICMS Assessment Notice for the alleged nonpayment of this tax on product imports; (iii) Tax Forfeiture to collect ICMS reported but not paid; (iv) collection of income tax and social contribution for the offset of nonexistent tax credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-76</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Labor lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><STRONG><U><FONT face=Arial></FONT></U></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, the Group is a defendant in 7,953 labor lawsuits, for which a provision has been recorded in the amount of R$485,422 (R$478,611 as of December 31, 2015). Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) related to period prior to retirement and as a result of federal government economic plans, health care plan, indemnity claims resulting from alleged occupational diseases or on-the-job accidents, breaks between working hours, and differences in profit sharing from 1997 to 1999 and from 2000 to 2003.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>During the year ended December 31, 2016 there were addition or write-off movements in labor lawsuits, due to court orders issued to terminate lawsuits and the constant revision of the Company&#8217;s accounting estimates related to the provision for contingencies that take into consideration the different nature of the claims made, as required by the Company&#8217;s accounting policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Civil lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the industrial activities of the Group, real estate actions, healthcare plan, and reimbursement of costs incurred in labor courts. For lawsuits involving civil matters, a provision has been recognized in the amount of R$137,857 as of December 31, 2016 (R$128,451 as of December 31, 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Environmental lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities and public civil actions claiming regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. For lawsuits involving environmental matters, a provision has been recognized in the amount of R$7,716 as of December 31, 2016 (R$17,646 as of December 31, 2015)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In July 2012 the Company received a legal notice in the lawsuit filed by the State Attorney's Office of the State of Rio de Janeiro, related to Volta Grande IV district in the city of Volta Redonda-RJ, claiming, among others, the removal of two industrial waste cells and 750 (seven hundred and fifty) homes. This lawsuit was initially classified as probable loss risk, however, due to the fact that injunctions were dismissed at the lower and higher courts, in particular, the removal of 750 (seven hundred and fifty) families, as well as because there is still no judicial expert investigation that measures the risks and, consequently, the scope of remediation, the classification of the degree of risk became possible, considering the current phase of the lawsuit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As a result of the lawsuit mentioned in the paragraph above, after August 2012 the Company received legal notices related to some lawsuits filed by one of the dwellers of the Volta Grande IV district, who claims the payment of compensation for property damages and pain and suffering, whose amounts are illiquid at the moment, and this lawsuit is classified as possible loss risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On the same matter (Bairro Volta Grande IV), in August 2013 the Company received a subpoena about the lawsuits filed by the Federal Public Prosecution Office (Federal Courts), which has the same claim of the lawsuit filed by the State Public Prosecution Office, described above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Currently, the conflict of jurisdiction between the two actions, between the State and Federal Courts, is discussed to prosecute and adjudicate the causes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Other administrative and judicial proceedings</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The table below shows a summary of the carrying amounts of the main legal matters with possible risk of loss on December 31, 2016 and 2015.</FONT></P>

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   <P style="TEXT-ALIGN: center" align=center><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax assessment notice issued against the Company for an alleged sale of 40% of the shares of its joint venture NAMISA to a Japanese-Korean consortium (note 34),</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,415,142</FONT></P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,743,501 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax / Social contribution - Assessment Notice and Imposition of Fine (AIIM) -&nbsp; - Disallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by Namisa (note 34)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,457,855</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,250,833 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - gloss of interest on prepayment arising from supply contracts of iron ore and port services (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,327,499</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,105,793 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution &#8211; Due to profits from foreign subsidiaries (years 2008, 2010 and 2011) (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,644,898</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>832,183</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax foreclosures - ICMS - Electricity credits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>838,192</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785,043 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><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="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>652,553</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587,205 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Offset of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,505,079</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,015,355 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><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="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>570,997</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516,581 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disallowance of the ICMS credits - ICMS - acquisition of subsidiary (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277,389 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><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="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>279,511</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><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="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>455,214</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409,323 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment Notice - ICMS - shipping and return merchandise for Industrialization </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>749,492</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541,338 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment Notice- Income tax- Capital Gain of CFM vendors located outside </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>185,249</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170,835 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CFEM &#8211; Divergence on the understanding between CSN and DNPM on the calculation basis</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>348,512</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>349,908</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other tax (federal, state, and municipal) lawsuits.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,727,258</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,187,718 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>263,951</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289,923 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Annulment action filed by CSN against CADE</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>96,316</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,423 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other civil lawsuits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>814,440</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763,576 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor and social security lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,138,155</FONT></P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,032,678 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>375,272</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359,046 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%"><FONT lang=EN-US face=arial,sans-serif></FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT lang=EN-US face=calibri,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,845,585</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 21,540,763 </FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=Arial>(</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>1) The increase is due to an assessment notice received in December 2016.<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(2) The increase is due to an assessment notice received in June 2016, related to the profits from foreign subsidiaries in 2011. <BR></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(3) 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></P>

<P></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-77</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The assessments made by the legal counsel define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Environmental lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The balance of the provision for environmental liabilities and asset retirement obligation - ARO are as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental liabilities</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: 8pt" face=arial,sans-serif>273,475</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: 8pt" face=arial,sans-serif>262,290</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset retirement obligations</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: 8pt" face=arial,sans-serif>73,589</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: 8pt" face=arial,sans-serif>66,641</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>347,064</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328,931</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>19.a) Environmental liabilities </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, there is a provision recognized for expenditures relating to environmental investigation and recovery services for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever necessary. These are Management&#8217;s best estimates based on the environmental remediation studies and projects. This provision is recognized as other operating expenses. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif>The provision is measured at the present value of the expenditures required to settle the obligation, using a pretax rate </FONT>

<FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif>that reflects current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation due to passage of time is recognized as other operating expenses.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-78</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The discount rate used to calculate the provision to present value through December 31, 2016 was 9.2% in real terms. The liability recognized is periodically updated based on the general market price index (IGP-M) for the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Some contingent environmental liabilities are monitored by environmental department were not recorded in provisions due to its characteristics, they do not meet the recognition criteria present in IAS 37.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>19.b) Asset retirement obligations </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Asset retirement obligations refer to estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through increase in expenses over time. &nbsp;The asset retirement cost equivalent to the initial liability is capitalized as part of the carrying amount of the asset, being depreciated over the useful life of the asset.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In 2015, the Company completed a new certification of iron mineral reserves in the Casa de Pedra and Engenho mines. This certification, prepared by a specialized company, has certified reserves of 3,021 million tons of iron ore, which represents an increase of 85% compared to the amounts certified in the last audit on April 2007.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>20.a) Transactions with Holding Companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Vicunha Siderurgia S.A. is the Company&#8217;s main shareholder, with 49.21% of the voting shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>Also integrating the Company&#8217;s control block are Rio Iaco Participa&#231;&#245;es S.A., </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. and Vicunha T&#234;xtil, which hold interest in CSN&#8217;s voting capital of </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>4.19%, 0.29% and 0.36%, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Vicunha steel&#8217;s corporate structure is as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Vicunha Steel S.A. &#8211; holds 67.35% of Vicunha A&#231;os S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 13.06% of National Steel S.A. and holds 40% of Vicunha Steel S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 19.59% of Vicunha A&#231;os S.A. and holds 60% of Vicunha Steel S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-79</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>20.b) Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>By transaction &#8211; Assets and Liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="77%" colSpan=11>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-Current</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade receivables <SUP>(note 7)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,837</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,366</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,837</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,366</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends receivable <SUP>(note 7)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,679</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,817</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,679</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,817</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial asset <SUP>(note 9)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,854</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,433</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,854</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,433</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Short-term investments/Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>315,319</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>315,319</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans <SUP>(note 9)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>479,960</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,214</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>479,960</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,214</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other receivables <SUP>(note 9)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,768</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,420</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,020</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,020</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,788</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,440</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>488,603</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,603</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>631,834</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>516,667</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,120,437</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>615,270</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other payables <SUP>(Note 15)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,927</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,798</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,927</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,798</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,623</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,443</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,623</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,443</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,004</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,294</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,004</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,294</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,550</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,241</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,004</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,294</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>89,554</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,535</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>By transaction &#8211; Statement of Income</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Sales</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878,992 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725,285 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 1,177,860 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Interest </FONT><SUP><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Note 26)</FONT></B></SUP></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,964 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,084 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,631 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Purchases</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp; (1,099,851)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp; (1,103,428)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp; (1,047,423)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Interest </FONT><SUP><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Note 26)</FONT></B></SUP></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,185)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,333)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (423,621)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp; Foreign exchange and monetary variation, net</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: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(18,398)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (181,478)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (314,392)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (242,553)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-80</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>By company - Assets and Liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Transnordestina Log&#237;stica S.A</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>: </FONT><U><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Assets</FONT></U><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif> Refers mainly to contracts in R$: interest equivalent to </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>102</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>.0% </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>and 115.0% </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>of CDI</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>. On</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif> December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>2016, the</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif> borrowings </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>carrying amounts totaled to </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>R$</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>459,762 (R$</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>222,727 as of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Banco Fibra S.A: Assets: Refers to financial investments in CDB and Time deposit &#8211; at market rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Panatlantica:Receivables from the sale of steel products.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-81</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>20.c) Other unconsolidated related parties</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in note 28.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the founding. The transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social projects undertaken mainly in the locations where the Company operates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Banco Fibra</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Banco Fibra is under the control structure of Vicunha Siderurgia and the financial transactions carried out with this bank are limited to movements in checking accounts and financial investments in fixed-income securities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=#222222 face=Arial,sans-serif>On December 29, 2016, the Company entered into a Private Instrument of Purchase and Sale of Credit without Co-obligation with Banco Fibra SA in the amount of R$ 171,394, whereby CSN sold credits arising from commercial transactions with its customers, whose average term was 37 days.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-82</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Companies under control of one of the Company&#8217;s Board member </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Ibis Agr&#225;ria Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Partifib Projetos Imobili&#225;rios Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Vicunha Im&#243;veis Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Vicunha Servi&#231;os Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>20.d) Key management personnel </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The key management personnel with authority and responsibility for planning, directing and controlling the Company&#8217;s activities, include the members of the Board of Directors and statutory directors. The following is information on the compensation of such personnel and the related balances as of December 31, 2016.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Statement of Income</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Short-term benefits for employees and officers</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>71,852</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,578</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,861</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Post-employment benefits</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>306</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>311</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>116</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72,158</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,889</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,977</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The remuneration of key management personnel in 2016 includes payments of contracts with executives that were linked to parameters that were achieved mainly in the first quarter 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>SHAREHOLDERS' EQUITY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.a) Paid-in capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Fully subscribed and paid-in capital as of December 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.b) Authorized capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of December 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.c) Legal reserve</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6.404/76, up to the ceiling of 20% of share capital.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.d) Ownership structure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016, the Company&#8217;s ownership structure was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</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" width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; % of voting capital</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; % of voting capital</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha A&#231;os S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>682,855,454</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49.21%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>697,719,990</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50.29%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>51.41%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.29%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.29%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CFL Participa&#231;&#245;es S.A. (*)&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,977,536</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.29%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.29%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha Textil S.A. (*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,927,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.36%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.36%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,143,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.45%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.48%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,143,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.45%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.48%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES Participa&#231;&#245;es S.A. &#8211; BNDESPAR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,794,890</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.65%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,794,890</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.65%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NYSE (ADRs)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>323,546,664</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23.84%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>336,435,464</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24.25%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24.79%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>BM&amp;FBovespa</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>254,694,969</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18.36%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18.77%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>235,846,169</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.38%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Total shares outstanding</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97.81%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>97.81%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.19%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2.19%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total shares</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-83</FONT></P></DIV>

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   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_242"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(*) Controlling group companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.e) Treasury shares </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<IMG border=0 src="table15.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) There were no share buyback in this program.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of December 31, 2016, the position of the treasury shares was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Quantity purchased</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(in units)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share price</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>paid for</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>market price</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>the shares</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maximum</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Average</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;as of 12/31/2016 (*)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,391,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 238,976 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>&nbsp;R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>&nbsp;R$ 10.07 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>&nbsp;R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.86 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 325,184 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) Using the last share average quotation on BM&amp;FBovespa as of December 31, 2016 of R$10,70 per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.f) Policy on investments and payment of interest on capital and dividends &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-84</FONT></P></DIV>

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   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_243"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>21.g) Earnings/(loss) per share: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Basic earnings per share were calculated based on the profit/(loss) 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></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></FONT></TD>

   <TD width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></FONT></TD>

   <TD width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></FONT></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Common Shares</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) profit for the year</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Continued operations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(843,497)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,217,875)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(123,873)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discontinued operations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,561)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,911</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,606</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" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(853,058)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,215,964)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,267)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Weighted average number of shares</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,150,010</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,413,697,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic and diluted EPS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Continued operations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.62153)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.89738)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.08762)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discontinued operations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.00704)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00141</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.00821</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.62857)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.89<FONT style="FONT-SIZE: 8pt" face=Arial>597</FONT>)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.07941)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company does not hold potential dilutable outstanding ordinary shares that could result in dilution of earnings per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>PAYMENT TO SHAREHOLDERS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=#222222 face=arial,sans-serif>The Company's Bylaws provide the distribution of 25% minimum dividends of adjusted net income under the law, to the shareholders. The dividends are calculated in accordance with the Company&#8217;s Bylaws and in accordance with the Brazilian Corporate Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=#222222 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=#222222 face=arial,sans-serif>On March 11,2015, the Board of Directors approved the proposal distribution of dividends the profit reserve account (statutory reserve of working capital), in the amount of R$275,000, corresponding to R$ 0.202633043 per share. Dividends were paid as of March 19, 2015, without monetary update.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=#222222 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=#222222 face=arial,sans-serif>The following table shows the history of deliberate and paid dividends:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Approval Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2016 (*)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total approved</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total paid</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>549,888</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>549,835</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>(*) There is no dividend deliberation on the year of 2016.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-85</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name=page_88></A>

<P style="MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0cm 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">23. NET SALES AND SERVICES&nbsp;REVENUE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Net sales and services&nbsp;revenue is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross revenue</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,206,195</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,212,748 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,061,229 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,571,630</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,725,818 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,247,489 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,777,825</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,938,566 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,308,718 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deductions </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>S</FONT>ales returns&nbsp;and discounts</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(190,415)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (297,957)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (167,483)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes on sales</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,438,461)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,378,912)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,015,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,628,876)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,676,869)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,182,486)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,148,949</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,261,697 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,126,232 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>EXPENSES BY NATURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<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="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials and inputs </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,518,718)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,858,070)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,125,417)</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" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Labor cost&nbsp; </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,482,111)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,887,735)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,716,995)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Supplies </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,384,437)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,095,576)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,097,940)</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" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Maintenance cost (services and materials) </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,203,294)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,069,404)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,072,664)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Outsourcing services </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,492,520)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,284,238)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,544,553)</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" width="62%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Depreciation, amortization and depletion (Note 11 a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,278,816)</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="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,130,869)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,245,131)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Other </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495,274)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (314,730)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270,040)</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="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,855,170)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,640,622)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,072,740)</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="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Classified as: </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&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" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Cost of sales and services&nbsp;</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,640,042)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,740,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,592,382)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,696,896)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,430,189)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,041,975)</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" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (518,232)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (470,332)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438,383)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,855,170)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,640,622)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,072,740)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-86</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>OTHER OPERATING INCOME (EXPENSES) </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2015</FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Restated</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Indemnities/gains on lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,871 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,189</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,693</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rentals and leases</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,483 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,150</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,080</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reversal of provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,790</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>567 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,794</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>328</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Extemporaneous PIS/COFINS credits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>203,504 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>234,287</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Contractual fines</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,501 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,200</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,963</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gain on business combination (note 3) (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,496</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,297,499</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Actuarial pension plan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,790 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,702</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gain on sales of assets held for sale (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,023 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,274 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,506</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>663,509 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,610,347</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,488</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(88,249)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(13,999)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(57,711)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-off / (Provision) of judicial deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(64,886)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(24,145)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(77,892)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expenses with environmental liabilities, net </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,023)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(41,697)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,980</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expenses from tax, social security, labor, civil and environmental law suits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,534)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(273,890)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(191,127)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Contractual fines</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,624)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(309)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,464)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation of unused equipment and amortization of intangible assets (Note 11 a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(43,681)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(41,068)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(36,354)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write off&nbsp; of&nbsp; PP&amp;E and Intangible assets (Note 11 and 12)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(88,339)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,466)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,232)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Losses /reversals estimated in inventories </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,236)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,154</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,396)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Losses on spare parts</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,080)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(55,790)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(26,432)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Studies and project engineering expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(31,156)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(38,138)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(48,807)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Research and development expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,269)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,363)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,406)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Advisory expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,865)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,888)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Healthcare plan expenses (Note 28 f) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(80,489)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(56,838)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(54,319)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of available-for-sale financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(555,298)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(205,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>REFIS effect - Law 11,941/09 and Law 12,865/13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,801)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(37,308)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provisions/(Provision) for industrial restructuring</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96,390</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(122,854)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge cash flow realized (Note 14 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,444)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,439)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of fair value of Transnordestina (Note 10b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(387,989)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(85,256)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(76,362) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(46,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,076,730)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,341,191)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(657,127)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income (expenses), net</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(413,221)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,269,156</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(566,639)</FONT></B></P></TD></TR>

<TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>(*) In 2016 refers to a gain in valuation at fair value of participation before the acquisition in the amount of R$41,118 and a gain from a bargain purchase in the amount of R$ 25,378.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-87</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>FINANC<FONT style="FONT-SIZE: 9pt" face=Arial>IAL</FONT> INCOME (EXPENSES)</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financ<FONT style="FONT-SIZE: 8pt" face=Arial>ial</FONT> income</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties (Note 20 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,964 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>65,084</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50,631</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income from short-term investments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>301,401 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>212,826</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>82,103</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain from derivative </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,829 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>870</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain on repurchase of debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>146,214 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>166,642</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other income (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129,182 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42,298</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,818</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643,590 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>487,720</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>171,552</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financ<FONT style="FONT-SIZE: 8pt" face=Arial>ial</FONT> expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(930,508)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(938,047)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(718,281)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - local currency</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,229,849)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,116,149)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,806,568)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties (Note 20 b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,185)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,333)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(423,621)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capitalized interest (Notes 11 and 32)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,794 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>166,366</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,789</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on derivatives</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,956)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,869)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest, fines and late payment charges</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,002)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,511)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(76,704)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Commission and bank fees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155,249)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(81,594)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>PIS/COFINS over financial income</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,154)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,699)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>REFIS effect net- Law 11,941/09 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(52,036)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other <FONT style="FONT-SIZE: 8pt" face=Arial>financial </FONT>expenses (**)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(102,450)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,050)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(187,688)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,282,965)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,124,973)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,103,978)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustment and exchange differences, net</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustments, net</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,865 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,422</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(109)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange differences, net</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921,310 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,618,659)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(391,767)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange gain (losses) on derivatives </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(812,227)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>846,328</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>242,869</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116,948 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(727,909)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(149,007)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financ<FONT style="FONT-SIZE: 8pt" face=Arial>ial</FONT> expenses, net</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,522,427)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,365,162)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,081,433)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="62%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Statement of gains and (losses) on derivative transactions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-CDI swap</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,735)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-real swap (NDF)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>785,702</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>213,602</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Future Dollar</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (805,760)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,381</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap (NDF)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,668</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>33,397</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,467)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,405)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,605</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (812,227)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>846,328</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>242,869</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Swap libor x CDI</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Swap Pr&#233; x CDI</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(299)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,956)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,926)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Swap CDI x Pr&#233;</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(63)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Future DI </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,829 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,467 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,086)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,869)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (806,760)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>842,242</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>238,000</FONT></B></P></TD></TR>

<TR>

   <TD width="61%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(*) Refers substantially to discounts obtained and tax credits updates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(**) Refers substantially to discounts granted, IOF (tax on financial transactions) and withholding income taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-88</FONT></P></DIV>

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<TR>

   <TD width="50%"></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>According to the Group&#180;s structure, the businesses are distributed and managed in five operating segments as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Steel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic containers and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The Segment supplies the following markets: construction, steel containers for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great durability. They also produce tinplate, a raw material used to produce metallic containers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>Overseas, Lusosider, which is based in Portugal, also produces metal sheets, as well as galvanized steel.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>CSN LLC in the U.S.A. meets local market needs by supplying cold rolled and galvanized steel.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>In January 2012, CSN acquired Stahlwerk Th&#252;ringen (SWT), a manufacturer of long steel located in Unterwellenborn, Germany. SWT is specialized in the production of shapes used for construction and has an installed production capacity of 1.1 million metric tons of steel/year.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In January 2014 the production of long steel products started with a capacity of 500,000 metric tons per year, which will consolidate the company as a source of complete construction solutions, complementing its portfolio of products with high value added in the steel chain.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Mining</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>This segment encompasses the activities of iron ore and tin mining.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp;The high quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, as well as CSN Minera&#231;&#227;o S.A., which has its own mines and sells third party iron ore.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>At the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for the combination of assets linked to iron ore operations and the related logistics structure, forming a new company that has focused in mining of the Group activities from December 2015. In this context, the new company, called CSN Minera&#231;&#227;o S.A., holds the TECAR concession, the Casa de Pedra mine and all the shares of Namisa, which was incorporated on December 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Moreover, CSN controls a Estanho de Rond&#244;nia S.A. company mining units and tin casting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Logistics </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>i. Railroad</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN has equity interests in three railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), Transnordestina Log&#237;stica S.A. and FTL - Ferrovia Transnordestina Log&#237;stica S.A. , which operate the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>a) MRS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The railroad transportation services provided by MRS are fundamental to the supply of raw materials and the shipment of final products. The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill as well as part of the steel produced by CSN for the domestic market and for export are carried by MRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais, linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista, or Cosipa, and Gerdau A&#231;ominas.&nbsp; Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s export products to the ports of Itagua&#237; and Rio de Janeiro. Its volumes of cargo carried account for approximately 28% of the total volume carried by the Southeast railroad system. </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-89</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>b) TLSA and FTL </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>TLSA and FTL hold the concession of the former RFFSA&#8217;s Northeast Network. The Northeast Network totals 4,238 km, divided into two sections: i) Network I, which comprises the S&#227;o Luiz&#8211;Mucuripe, Arrojado&#8211;Recife, Itabaiana&#8211;Cabedelo, Paula Cavalcante&#8211;Macau&#8211;Recife, and Propri&#225;&#8211;Jorge Lins (Network I) sections, whose concession goes until 2027, held by FTL; and ii) Network II, which comprises the Miss&#227;o Velha&#8211;Salgueiro, Salgueiro&#8211;Trindade, Trindade&#8211; Eliseu Martins, Salgueiro&#8211;Porto de Suape, and Miss&#227;o Velha&#8211;Porto de Pec&#233;m sections, whose concession goes until 2057 or until the return of the investment adjusted by 6.75% of the sections, held by TLSA. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Network links up with the main ports in the region, offering an important competitive advantage by means of opportunities for combined transportation solutions and logistics projects tailored to customer needs.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>II. Port Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Port Logistics Segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba Tecon.. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship owners. Its installed capacity exceeds that of most other Brazilian terminals. It has excellent depths of 14.5 meters in the mooring berths and a huge storage area, as well as the most modern and appropriate equipment, systems and intermodal connections.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most modern in Brazil, at present with capacity for handling 440 thousand containers and 30 million metric tons per year of bulk cargo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Energy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental in its production process, the Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds 17.9% of the capital; and a thermoelectric co-generation Central unit with rated capacity of 238 MW, which has been operating at the UPV since 1999. For fuel the Central Unit uses the residual gases produced by the steel mill itself. Through these three power generation assets, CSN obtains total rated capacity of 430 MW.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Cement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The cement division consolidates the cement production, distribution and sale operations, which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces. In 2011, the clinker used in cement production was acquired from third parties; however, at the end that year, with the completion of the first stage of the Arcos Clinker plant, MG, this plant already supplied the milling needs of cement production plant, in Volta Redonda/ RJ.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; FONT-WEIGHT: normal; LINE-HEIGHT: 120%" face=arial,sans-serif>In the second half of 2016, the Company started the operation of a new clinker kiln in Arcos, where the Company already operates a clinker kiln using its limestone of a company-owned mine and two cement mills. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The information presented to Management regarding the performance of each business segment is generally derived directly from the accounting records, combined with some intercompany allocations. </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-90</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Sales by geographic area</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Sales by geographic area are determined based on the customers&#8217; location. On a consolidated basis, domestic sales are represented by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Results per segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &#8220;Corporate expenses/elimination&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>From 2015, after the combination of mining assets (Casa de Pedra, Namisa and Tecar), the consolidated results include CSN Minera&#231;&#227;o.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-91</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint ventures (In 2015 and 2014, Namisa at 60% interest).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>EBITDA and Adjusted EBITDA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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, results of discontinued operations and other operating income (expenses), plus the proportionate EBITDA of joint ventures. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net income (loss) for the year</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(853,058)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,215,964)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,267)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Result from Discontinued Operations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,561 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,911)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,606)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation/Amortization/Depletion (Note 11 a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,278,816 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,130,869</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,240,263</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution (Note 16)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>266,546 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,903,216 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(144,489)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance income (cost) (Note 26)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,522,427 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,365,162 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,087,432</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,224,292 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,181,372</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,059,333</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating income (expenses) (Note 25)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>413,221 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,269,156)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>567,525</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in results of affiliated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(64,918)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,160,272)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(331,160)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>502,345 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>499,475</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>433,472</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,074,940 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,251,419</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,729,170</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-92</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>28.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>EMPLOYEE BENEFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), a private non-profit pension fund established in July 1960 which has as members the employees (and former employees) of the Company and some subsidiaries who joined the fund through an agreement, and the employees of CBS itself. The Executive Officers of CBS is formed by a CEO and two other executive officers, all appointed by CSN. The Decision-Making Board is the higher decision-making and guideline-setting body of CBS, presided over by the president of the pension fund and made up of ten members, six chosen by CSN in its capacity as main sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Until December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security benefits. On December 27, 1995 the then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan, effective beginning that date, called Mixed Supplementary Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the form of a variable contribution plan. Employees hired after that date can only join the new Mixed Plan. In addition, all active employees who were participants of the former defined benefit plans had the opportunity to switch to the new Mixed Plan. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of December 31, 2016 CBS had 34,051 participants (33,065 as of December 31, 2015), of whom 19,442 were active contributors (18,430 as of December 31, 2015), 13,783 were retired employees (13,965 as of December 31, 2015), and 826 were related beneficiaries (670 as of December 31, 2015). Out of the total participants as of December 31, 2016, 11,751 belonged to the defined benefit plan, 13,735 to the mixed plan, 1,285 to the CBSPrev Namisa plan, and 7,280 to the CBSPrev plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The plan assets of CBS are primarily invested in repurchase agreements (backed by federal government securities), federal government securities indexed to inflation, shares, loans and real estate. As of December 31, 2016 and 2015 CBS held 20,143,031 common shares of CSN. The total plan assets of the entity amounted to R$5.0 billion as of December 31, 2015 (R$4.5 billion as of December 31, 2015). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Plan Assets are all available assets and the benefit plans&#8217; investments, not including the amounts of debts to sponsors.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-93</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>For the defined benefit plans 35% of the average salary&#8221; and &#8220;average salary supplementation plan, the Company holds a financial guarantee with CBS Previd&#234;ncia, the entity that administers said plans, to ensure their financial and actuarial balance, in the event of any future actuarial loss or actuarial gain. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As provided for in the prevailing law that governs the pension fund market, for the years ended December 31, 2016 and 2015, CSN did not have to pay the installments because the defined benefit plans posted actuarial gains for the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.a) Description of the pension plans </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Plan covering 35% of the average salary</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>This plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations, disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary plan based on average salary took effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Average salary supplementation plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>This plan began on November 1, 1977 and is a defined benefit plan aimed at complementing the difference between the adjusted average of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Mixed supplementary benefit plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>This plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with or without continuity of pension for death) or through a percentage applied to the balance of the benefit-generating fund (loss for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan if the participant has chosen to receive his benefit in the form of monthly income for life. This plan was discontinued on September 16, 2013 when the CBS Prev plan became effective.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CBS Prev Plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The new CBS Prev Plan, which is a defined contribution plan, started on September 16, 2013. Under this plan, the retirement benefit is determined based on the accumulated amount by monthly contributions of participants and sponsors. To receive the benefit, each participant can opt for: (a) receiving part in cash (up to 25%) and the remaining balance through a monthly income through a percentage applied to the benefit-generating fund, not being applicable to death pension benefits, or (b) receive only a monthly income through a percentage applied to the benefit-generating fund.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>With the creation of the CBS Prev Plan, the mixed supplementary benefit plan was discontinued for the entry of new participants as from September 16, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>CBSPREV Namisa Plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>It is a Defined Contribution plan with benefits of risks during the activity (projection of the balances in case of disability or death and sickness / accident allowanced). It has been in operation since January 6, 2012, when it was created exclusively for the employees of Nacional Min&#233;rios S.A. After the corporate reorganization, which took place in 2016, other Sponsors joined this Plan, among them CSN Minera&#231;&#227;o S.A. (Previously Congonhas Min&#233;rios S.A.)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Under this plan, all the benefits offered are calculated based on the accumulated amount from the monthly contributions of participants and sponsors, and are paid through a percentage applied to the balance of the benefit generating fund. The CBSPREV Namisa Plan is open for new entrants, but a request for analysis to discontinue the plan is underway at Previc.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-94</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.b) Investment policy </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The investment plan is reviewed annually and approved by the Decision-Making Board considering a five-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3,792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.c) Employee benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial statements pursuant to IAS 19 Employee Benefits.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liabilities</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Pension plan benefits (Note 9 and 15)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (</FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,854) </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,433) </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,004 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,294 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Post-employment healthcare benefits</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691,262 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489,074 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.9pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119,854) </FONT></B></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.9pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,433) </FONT></B></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.9pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719,266 </FONT></B></P></TD>

   <TD style="HEIGHT: 10.9pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.9pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514,368 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The reconciliation of employee benefits&#8217; assets and liabilities is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of defined benefit obligation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,872,442 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,430,381 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of plan assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,193,493)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (2,684,736)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deficit (Surplus)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321,051)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (254,355)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>229,201 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165,216 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liabilities (Assets), net</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91,850)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,139)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,004 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,294 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119,854)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,433)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Assets) liabilities recognized in the balance sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,850)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,139)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The movement in the present value of the defined benefit obligation during 2016 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of obligations at the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,430,381 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,508,441 </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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of service</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,244 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,807 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311,361 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293,533 </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="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Benefits paid</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264,287)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (235,541)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial loss/(gain)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393,743 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (137,859)</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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of obligations at the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,872,442 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,430,381 </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" width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The movement in the fair value of the plan assets during 2016 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="31%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of plan assets at the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,684,736)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (2,745,834)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest income</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(345,521)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (322,460)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264,287 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235,830 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Expected return on plan assets (less interest income)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(427,523)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,728 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of plan assets at the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,193,493)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (2,684,736)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The amounts recognized in the income statement for the year ended December 31, 2016 and 2015 are comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of current service</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,244 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,807 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,114</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311,361 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293,533 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>255,573</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Expected return on plan assets</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(345,521)</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (322,460)</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(305,469)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on the asset ceiling effect</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,189 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,422 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,733</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,727)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,698)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(49)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total unrecognized costs (income) (*)</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 </FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total (income) recognized in the income statement</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,734)</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,702)</FONT></P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.7pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(166)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total (income), net (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,727)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,698)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(49)</FONT></B></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-95</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_254"></A>

<a name="_bclPageBorder254"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) Effect of the limit of IAS 19 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>Employee Benefits.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The (cost)/income is recognized in the income statement in other operating expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The movement in the actuarial gains and losses in 2016 is as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial losses and (gains)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393,743 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137,859)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,498</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Return on plan assets (less interest income)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(427,523)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,728 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,951</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Change in the asset&#8217;s limit (excluding the interest revenue)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,796 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,208)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,590)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,016 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,661 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(141)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial losses and (gains) recognized in other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,023 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,665 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(117)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrecognized actuarial (gains) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(24)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total cost of actuarial losses and (gains) (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,016 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,661 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(141)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) Actuarial loss results from the fluctuation in the investments comprised in the CBS&#8217;s asset portfolio. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Breakdown of actuarial gains or losses, required by IAS 19:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss due to change in demographic assumptions</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,131 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss due to change in financial assumptions </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>331,280 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss due to experience adjustments</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53,332 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Return on plan assets (less interest income)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(427,523)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Change in the asset&#8217;s limit (excluding the interest revenue)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,796 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial losses and (gains)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;8,016 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial financing method</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Projected unit credit</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Projected unit credit</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Functional currency</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Real (R$)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Real (R$)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recognition of plan assets</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal discount rate</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan 35% and Suplementation : 13.43%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.50%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.70%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal salary increase rate</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6.56%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6.76%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal benefit increase rate</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.50%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.70%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rate of return on investments</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan 35% and Suplementation : 13.43%</FONT></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General mortality table</FONT></P></TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</FONT></P></TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Milenium Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disability table</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Light Median</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Light Median</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disability mortality table</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss - 1%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss - 1%</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Turnover table</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Millennium plan 5% p.a., nil for DB plans</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Millennium plan 5% p.a., nil for DB plans</FONT></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Retirement age</FONT></P></TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</FONT></P></TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</FONT></P></TD></TR>

<TR style="HEIGHT: 39pt">

   <TD style="HEIGHT: 39pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Household of active participants</FONT></P></TD>

   <TD style="HEIGHT: 39pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband</FONT></P></TD>

   <TD style="HEIGHT: 39pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 39pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-96</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_255"></A>

<a name="_bclPageBorder255"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees who retire at the age of 65, as shown below:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

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   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</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" width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>BD Plan (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mil&#234;nio Plan (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>BD Plan (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mil&#234;nio Plan (*)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Longevity at age of 65 for current participants</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Male</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20.45 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19.55 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20.45 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19.55 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Female</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23.02 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23.02 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17 </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="49%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Longevity at age of 65 for current participants who are 40</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Male</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42.69 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41.59 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42.69 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41.59 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Female</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>46.29 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45.30 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>46.29 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45.30 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&#234;nio Plan is part of the Mixed Supplementary Benefit Plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Allocation of plan assets:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Variable income</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,904 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.97%</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,801</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.96%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed income</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,966,272 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92.88%</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,492,324</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>92.83%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;42,383 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.33%</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,306</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.63%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,934 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.82%</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,305</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.58%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,193,493 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,684,736</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-97</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_256"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Variable-income assets comprise mainly CSN shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Fixed-income assets comprise mostly debentures, Interbank Deposit Certificates (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>For the pension plan, the expense as of December 31, 2016 was R$35,798 (R$35,539 as of December 31, 2015 and R$ 34,649 as of December 31,2014).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.d) Expected contributions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>No contributions are expected to be paid to the defined benefit plans in 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>For the mixed supplementary benefit plan, contributions in the amount of R$28,495 are forecasted to be paid in 2017 for the portion of defined contribution and R$800 for the portion of defined benefit (risk benefit).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>28.e) Sensitivity analysis </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2016 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 116%" face=arial,sans-serif>12/31/2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Plan covering 35% of the average salary</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Average salary supplementation plan</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mixed supplementary benefit plan (Mil&#234;nio Plan) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assumption: Discount rate</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>136 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (163)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (399)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (953)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(14,237)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,342 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69,598)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,654 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,065)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,662 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assumption: Salary growth</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>398 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,850 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,527)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assumption: Mortality table</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-0.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,905 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,779)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,269 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,634)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,360 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,919)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>16,277 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,204)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,189 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73,775)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,567 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41,806)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assumption: Benefit adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-1.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,063)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,054 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,495)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,414 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (822)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(9,038)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,962 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38,360)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,667 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,589)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,444 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The forecast benefit payments of the defined benefit plans for future years are as follows:</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forecast benefit payments</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year 1</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238,706 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year 2</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256,136 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year 3</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266,217 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year 4</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276,345 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year 5</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286,458 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Next 5 years</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,579,822 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total forecast payments</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,903,684 </FONT></B></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-98</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_257"></A>

<a name="_bclPageBorder257"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.f) Post-employment health care plan &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Refers to a healthcare plan created on December 1, 1996 exclusively for former retired employees, pensioners, those who received an amnesty, war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their dependents. Since then, the healthcare plan does not allow the inclusion of new beneficiaries. The plan is sponsored by CSN .</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amounts recognized in the balance sheet were determined as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691,262 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489,074 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691,262 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489,074 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The reconciliation of the healthcare liabilities is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liability at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>489,074 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576,480 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses recognized in income for the year</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,342 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,620 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sponsor's contributions transferred in prior year</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,411)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57,525)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recognition of loss/(gain) for the year </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>210,257 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97,501)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liability at the end of the year </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>691,262 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489,074 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>For the post-employment healthcare plan, the expense as of December 31, 2016 was R$80,490 (R$56,838 as of December 31, 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The actuarial gains and losses recognized in shareholders' equity are as follows: </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; Actuarial gain (loss) on obligation&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>210,257</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(97,501)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>94,998</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; Gain (loss) recognized in shareholders' equity&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>210,257</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(97,501)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>94,998</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Longevity at age of 65 for current participants</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black 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" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Male</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.55 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.55 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Female</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.17 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.17 </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="69%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Longevity at age of 65 for current participants who are 40</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Male</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.59 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.59 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Female</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.30 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <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; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.30 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The actuarial assumptions used for calculating postemployment healthcare benefits were:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.5pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Biometrics</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General mortality table</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disability moratality table</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss with death probabilities reduced by 1% in all ages</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss with death probabilities reduced by 1% in all ages</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial nominal discount rate</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11.73%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13.43%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.50%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.70%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal increase in medical cost based on age</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.5% - 3.00%real a.a</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.5% - 3.00%real a.a </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal medical costs growth rate</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.93%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.87%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Average medical cost</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>698,57 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" 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; 515,37 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-99</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>28.g) Sensitivity analysis </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December 31, 2016 is as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Healthcare Plan</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assumption: Discount rate</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-0.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>248</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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 style="FONT-SIZE: 8pt" 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; (336) </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; 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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,037)</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="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,353 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">&nbsp;</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="56%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assumption: Medical Inflation</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-1.0%</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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; 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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,368 </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="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,306)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on present value of obligations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,810 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53,756)</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" width="56%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assumption: Mortality table</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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sensitivity level</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-1.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,186)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,360 </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" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effect on present value of obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; 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: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,689)</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="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,165 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The forecast benefit payments of the postemployment healthcare plans for future years are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Forecast benefit payments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year 1</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,068 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year 2</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,520 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year 3</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,890 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year 4</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72,127 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year 5</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,198 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Next 5 years</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394,037 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total forecast payments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>742,840</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-100</FONT></P></DIV>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_259"></A>

<a name="_bclPageBorder259"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>GUARANTEES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company is liable for guarantees of its subsidiaries and joint ventures as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maturities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax foreclosure</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%" align=center><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;sitca</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Up to 19/09/2056 and indefinite</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,568,892 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,544,600</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,007 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,559</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,866 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,991</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,596,765 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,590,150</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>FTL - Ferrovia Transnordestina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15/11/2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76,700</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>81,700</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>450</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76,700</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>82,150</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sepetiba Tecon</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,914</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,914</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US 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: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cia Metalurgica Prada</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Minute 10/02/2016 and indefinite</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>333</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>333</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,340</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,340</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,673 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,673</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Energia</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9/22/2022</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,520</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,002,520 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Outros (**)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1/1/2016</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,645,592</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,639,303</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,169</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42,721</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>55,640</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,781</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,727,401</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,707,805</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands IX</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XI</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9/21/2019</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Resources</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7/21/2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Handel</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in US$</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Steel S.L.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>EUR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1/31/2020</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Lusosider A&#231;os Planos</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>EUR</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in EUR</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,112,913</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,135,468</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,112,913</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,135,468</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,758,505</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,774,771</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,169</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42,721</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>55,640</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,781</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,840,314</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,843,273</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-101</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

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   <P align=right>
   <IMG border=0 src="logo_csn.gif"></P></TD></TR></TABLE><A name="page_260"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>COMMITMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>30.a) Take-or-pay contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of December 31, 2016 and 2015, the Company was a party to take-or-pay contracts as shown in the following table:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments in the period (in<BR>millions of R$)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Type of service</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>After 2020</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transportation of iron ore, coal, coke, steel products, cement and mining products.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>197,646</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>873,186</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>767,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>767,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>767,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>746,150</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,672,166</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,719,409</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,023,465</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>621,551</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>261,542</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,524</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,524</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,524</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,522</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>423,636</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Processing of slag generated during pig iron and steel production</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>104,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,487</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,013</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,528</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BACKGROUND: #ccccff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,580</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Manufacturing, repair, recovery and production of ingot casting machine units.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>127,776</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,765</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,005</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,665</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,665</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,335</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,452,900</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,580,989</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,049,591</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>819,233</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>819,233</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>792,687</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,726,216</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,206,960</FONT></B></P></TD></TR>

<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>30.b) Concession agreements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Minimum future payments related to government concessions as of December 31, 2016 fall due according to the schedule set out in the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Concession</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Type of service</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>After 2020</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>FTL (Ferrovia Transnordestina Log&#237;stica)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,676</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,676</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,676</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,676</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>60,732</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>95,436</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tecar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Concession to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de Janeiro. The concession was renewable and the agreement expires in 2047.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>100,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>100,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>100,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>100,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,705,859</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,106,727</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tecon</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25-year concession started in July 2001, renewable for another 25 years to operate the container terminal at the Port of Itaguai.</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN-BOTTOM: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>28,996</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>28,996</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>28,996</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>28,996</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>159,478</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>275,462</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>137,889</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>137,889</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>137,889</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>137,889</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,926,069</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,477,625</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-102</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>30.c) Projects and other commitments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>Transnordestina project</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Transnordestina project which corresponds to rail network II of the Northeast Railway System, includes building 1,753 km of new, next-generation, wide-gauge tracks. The project posts a 52% progress which was estimated to be concluded in 2017 (completion period currently under review and discussion with the responsible agencies). The Company expects that the investments will permit Transnordestina Log&#237;stica S.A. to transport of several products, such as iron ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel. The concessionaire of the Transnordestina project holds the concession through no longer than 2057, and can be terminated before this date if the minimum return agreed with the Government is reached. Transnordestina has already obtained the required environmental permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced implementation stage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The sources of financing for the project are: (i) financing granted by Banco do Nordeste/ FNE and the BNDES, (ii) debentures issued by FDNE, (iii) Permanent Track Use contracts, and (iv) interest in the capital of CSN and public shareholders. The approved construction investment is R$7,542,000 and the balance of disbursable funds will be adjusted using the IPCA as from April 2012. Should additional funds be required, they will be provided by CSN and/or third parties under Permanent Track Use contracts. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The budget to conclude the project is under review, currently it is being analyzed by the competent agencies (shareholders), and it is expected that the reviewed budget will be as follows: Miss&#227;o Velha-Salgueiro: R$0.4 billion, Salgueiro-Trindade: R$0.7 billion, Trindade-Eliseu Martins: R$2.4 billion, Miss&#227;o Velha-Porto de Pec&#233;m: R$3 billion, Salgueiro-Porto de Suape: R$4.7 billion, amounting R$ 11.2 billion.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company guarantees 100% of TLSA&#8217;s financing granted by Banco do Nordeste/FNE and the BNDES, and 49.15% of the debentures issued by FDNE&nbsp; (includes the corporate guarantee of 48.47%, a collateral letter of 1.25% issued to BNB and the corporate guarantee of 1.25% pledged to BNB). Under the FDNE charter, approved by Federal Decree 6,952/2009, and the Investment Agreement entered into with the public shareholders/ financiers, 50% of the debentures may be converted into TLSA shares. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>The Court of Auditors of the Union - TCU through a protective order issued in May 2016, regarding the case TC 012.179/2016, forbade new transfers of public resources to TLSA from Valec Engenharia, Constru&#231;&#245;es e Ferrovias S.A., Fundo de Investimento do Nordeste &#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &#8211; FNE, Fundo de Desenvolvimento do Nordeste &#8211; FDNE, Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES and BNDES Participa&#231;&#245;es S.A.&#8211; BNDESPar. </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>After filing an appeal against the protective order and providing the necessary explanations, in June 2016 the order issued by TCU was withdrawn unanimously by the members of this court, with the continuity of investments planned having been restored. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-103</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>By means of another protective order issued in January 2017, relating to the case TC 012.179/2016, the Court of Auditors of the Union forbade new transfers of public resources to TLSA by Valec Engenharia, Constru&#231;&#245;es e Ferrovias S.A., Fundo de Investimento do Nordeste &#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &#8211; FNE, Fundo de Desenvolvimento do Nordeste &#8211; FDNE, Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES and BNDES Participa&#231;&#245;es S.A.&#8211; BNDESPar. The Company has provided the required clarifications to the TCU and has acted firmly in order that the decision can be repealed soon and the flow of investments planned can be restored.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>There is an administrative procedure with the ANTT (National Land Transportation Agency) which evaluates the regular compliance with the obligations of the Concession Agreement corresponding to System II by Concessionaire TLSA. ANTT&#8217;s technical area, in a unilateral opinion, understood that non-compliance with the contractual obligations by the Concessionaire is evidenced. The technical area&#8217;s opinion is under evaluation and, if the irregularity is proven, ANTT may apply the applicable penalties, among them, forfeiture. The procedure is in fact finding phase and until the moment there is not final decision on the merit.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In relation to the rail network I, there is an administrative procedure with the National Agency for Land Transportation (&#8220;ANTT&#8221;) that analyzes the regular fulfillment of the obligations of the Concession Agreement by the Concessionaire FTL. In view of a unilateral analysis, ANTT informed that FTL would have failed to comply with the TAC (Conduct Adjustment Agreement) signed in 2013 as a result of the non-compliance with the production target for 2013. ANTT decided to file an administrative proceeding to investigate the non-compliance with the concession agreement and, if the irregularity is proved, it can apply the related penalties, among them the forfeiture. The Concessionaire has not appealed against such decision, and the proceeding is at the finding-of-facts stage and, so far, there is no final decision on the merit.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INSURANCE </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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, Insurance guarantee and Port Operator&#8217;s Civil Liability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In 2016, 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 October 30, 2016 to September 30, 2017. 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, CSN Minera&#231;&#227;o, 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-104</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>ADDITIONAL INFORMATION TO CASH FLOWS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The following table provides additional information on transactions related to the statement of cash flows:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman"></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution paid </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>456,227</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>134,920</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,040</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Addition to PP&amp;E with interest capitalization (note 11 and 26)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215,794</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>166,366</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,789</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisition of fixed assets through loans.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,437</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>566,413</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capitalization with advance to future capital increase</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,229</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>679,458</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>870,928</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>263,829</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; TEXT-INDENT: -18pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>33.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Possible Proceedings</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>Significant progress in Case 19515.723039/2012-79 </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>In February 2017, the Company was notified of the judgment of the Amendment of Judgment filed due the CARF&#8217;s decision on case 19515.723039 / 2012-79, in which the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Minera&#231;&#227;o S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. It is important to emphasize, finally, that this decision does not alter the assessment of loss on the case, which remains as possible</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>, see note </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif>18</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>Significant progress in Case No. 19515.723053/2012-72</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Superior Board of Tax Appeals of CARF ruled on 03/14/2017 a special appeal by the National Treasury against a previous decision favorable to Namisa, (currently CSN Minera&#231;&#227;o S.A.) filed in case No. 19515.723053 / 2012-72, in which the Federal Revenue Service of Brazil challenges the deductibility of goodwill amortization expenses arising from the operation carried out with the Asian Consortium in 2008. The CARF, in summary, agreed with the infringement notice.&nbsp; The Company, however, has absolute conviction of the lawfulness of the operation and, therefore, is taking legal measures. It is important to emphasize, finally, that this decision does not alter the assessment of loss of the case, which remains as possible, see note 18.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0cm 54pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Independent investigation &#8211; Construction of the Long Steel Plant&nbsp; </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; LINE-HEIGHT: 107%">Considering the information from a Company&#8217;s executive published in the press in April 2017, based on testimonials to the Court, the Audit Committee decided to engage a specialized forensic service to conduct an external independent investigation of the contractual relationship related to the construction of CSN&#8217;s Long Steel Plant (contract on which there would have been alleged undue payments, in the form of bonus, in order to reimburse payments made to political parties), as well as to analyze the extent of the business relationships between the contracting parties. The conclusion of the investigation is that nothing from the testimonials referred to above was confirmed, and there are no contingencies deriving from the issues investigated. Consequently, the Company understands that there is no basis to justify the recording of any provision for losses or the disclosure of contingency. In October 31 2017, the Federal Police Department, attending to the request of the Federal Court, started an investigation with the purpose of raising the facts. Up to date, no findings have been raised.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol></FONT>&nbsp;</P>

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   <TD style="WIDTH: 0.5in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width=48>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="WIDTH: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width=24>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Environmental Notification to interrupt the operations of Usina Presidente Vargas (UPV)</FONT></U></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On December 1<SUP>st</SUP>,&nbsp;2017, we received from INEA an Environmental Notification to interrupt our operations in our main steel plant, Usina Presidente Vargas, in Volta Redonda-RJ as from December 10, 2017. The motivation of INEA was an allegation that we would not be fulfilling a TAC signed with the environmental authorities of the State of Rio de Janeiro. On December 7, 2017 we obtained an environmental preliminary authorization to continue our operations of UPV throughout 180 days, during which we should find a permanent solution with the environmental authorities on the matter. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 52.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ee1934 face=Georgia>www.pwc.com.br</FONT></P></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 23pt; LINE-HEIGHT: 94%" color=#ee1934 face=Georgia>MRS Log&#237;stica S.A.</FONT></I></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ee1934 face=Georgia>Financial statements <BR>at December 31, 2016<BR>and independent auditor's report</FONT></I></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ee1934 face=Georgia>Independent auditor's report </FONT></I></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>To the Board of Directors and Stockholders</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>We have audited the accompanying financial statements of MRS Log&#237;stica S.A. (the "Company"), which comprise the balance sheet as at December 31, 2016 and the statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MRS Log&#237;stica S.A. as at December 31, 2016, and its financial performance and its cash flows for the year then ended, in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT face=cambria><I><FONT style="FONT-SIZE: 8pt" face=cambria>PricewaterhouseCoopers , Rua do Russel, 804 - Gl&#243;ria, Rio de Janeiro, RJ, Brasil 22210-010, Caixa Postal 949, Rio de Janeiro, RJ 20010-974</FONT></I></FONT></P>

   <P style="MARGIN: 0cm 0cm 3pt"><FONT face=cambria><FONT lang=EN-US style="FONT-SIZE: 8pt" face=cambria>T: (21) 3232-6112, </FONT></FONT><FONT face=cambria><FONT lang=EN-US style="FONT-SIZE: 8pt" face=cambria>www.pwc.com/br</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 95%" face=Georgia>MRS Log&#237;stica S.A.</FONT><B><FONT></FONT></B></P>

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   <P style="MARGIN: 0cm 2.85pt 0pt; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ee1934 face=Georgia>Why it is a Key Audit Matter</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ee1934 face=Georgia>How the matter was addressed in the audit </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ff1f35 face=Georgia>Revenue recognition (Notes 2.21 and 26)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 95%" face=Georgia>As of December 31, 2016, the balance of net revenue of services recognized by the Company is R$&nbsp;3,279 million. The Company's revenue is comprised of shipping services, wagon stay and freight-sharing services. These services are provided based on medium- and long-term contracts, and fines are imposed for non-compliance with minimum annual load volumes for some customers.</FONT></P>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 95%" face=Georgia>This was a focus area of our audit due to the significance of revenue, the diversity of contractual conditions that involve multiple elements and the collection of fines on unfilled volumes, which are the basis for determining the recording of revenue from services and/or contractual fines in the correct period.</FONT></P></TD>

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   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>As audit response, our approach included, among others, the following key procedures:</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We understood the relevant internal controls of the billing process and accounts receivable, as well as the relevant information technology systems that support these processes and controls.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We compared the information contained in the billing system with the revenue recognized in the accounting system.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We confirmed the balance of accounts receivable as of December 31, 2016, on a sample basis.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We checked, on a sample basis, the supporting documentation of the revenue, as well as the subsequent financial settlement to confirm that the amounts were recognized in the correct period.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>For selected contracts, we confirmed that the revenue management calculations have incorporated the relevant aspects of the terms of the contracts.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>The results of our procedures have given us adequate and sufficient audit evidence in relation to this topic.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ff1f35 face=Georgia>Provisions and contingent liabilities - tax, civil and labor (Notes 2.15, 3(d) and 23.1)</FONT></B></P>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>As described in Note 23.1, MRS is a defending party in tax, civil and labor lawsuits for which management records a provision based on estimates in cases where it considers that there is a probable loss.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>Determining the likelihood of success in ongoing processes, as well as estimating expected probable losses, involves critical judgments by the Company's management, as it depends on future events that are not under management's control. In this context, the progress of these processes in the various applicable spheres and the complexity of the legal system may result in different outcomes than those expected by management and its legal advisors. In addition, changes in jurisprudence may also bring about changes in management's estimates.</FONT></P>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>Our audit procedures included, among others, the understanding of the relevant internal controls of the process of identification, evaluation, measurement and disclosure of provisions.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>Additionally, we obtained confirmations from the legal advisors contemplating the loss forecasts for the main lawsuits, as well as quantifying the estimated amounts as possible and probable loss.</FONT></P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We evaluated the reasonableness of management's and legal counsel's estimates for certain lawsuits, considering the evolution of these lawsuits and the existing case law, when applicable.</FONT></P>

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   <P style="MARGIN: 0cm 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Georgia>We consider that the criteria and assumptions adopted by management for determining the provision for contingent liabilities, as well as the disclosures, are consistent with the information received in the course of our audit.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 95%" face=Georgia>MRS Log&#237;stica S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Georgia></FONT><B><FONT></FONT></B>&nbsp;</P></DIV>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt 0.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ee1934 face=Georgia>Other information accompanying the financial statements and the audit report</FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's management is responsible for the other information that comprises the Management Report.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Our opinion on the financial statements does not cover the Management Report, and we do not express any form of audit conclusion regarding such report. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In connection with the audit of the financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management Report, we are required to report that fact. We have nothing to report in this regard.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 95%" face=Georgia>MRS Log&#237;stica S.A.</FONT><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT>&nbsp;</P></DIV>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt 0.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ee1934 face=Georgia>Responsibilities of management and those charged<BR>with governance for the financial statements</FONT></B></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia> (IASB), and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Those charged with governance are responsible for overseeing the Company's financial reporting process.</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt 0.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ee1934 face=Georgia>Auditor's responsibilities for the audit<BR>of the financial statements</FONT></B></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</FONT></P>

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<P style="MARGIN: 0cm 0.5pt 8pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT style="BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt; BORDER-BOTTOM: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: windowtext 1pt; PADDING-RIGHT: 0cm" color=#ee1934 face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=Georgia>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</FONT></P>

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<P style="MARGIN: 0cm 0.5pt 8pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT style="BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt; BORDER-BOTTOM: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: windowtext 1pt; PADDING-RIGHT: 0cm" color=#ee1934 face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=Georgia>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</FONT></P>

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<P style="MARGIN: 0cm 0.5pt 8pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT style="BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt; BORDER-BOTTOM: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: windowtext 1pt; PADDING-RIGHT: 0cm" color=#ee1934 face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=Georgia>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 95%" face=Georgia>MRS Log&#237;stica S.A.</FONT></P>

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<P style="MARGIN: 0cm 0.5pt 8pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT style="BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt; BORDER-BOTTOM: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: windowtext 1pt; PADDING-RIGHT: 0cm" color=#ee1934 face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=Georgia>Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.</FONT></P>

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<P style="MARGIN: 0cm 0.5pt 8pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT style="BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt; BORDER-BOTTOM: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: windowtext 1pt; PADDING-RIGHT: 0cm" color=#ee1934 face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=#ee1934 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=Georgia>Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether these financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>Rio de Janeiro, April 20, 2017</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Georgia>PricewaterhouseCoopers</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Georgia>Auditores Independentes</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Georgia>CRC 2SP000160/O-5 "F" RJ</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Georgia>Maria Salete Garcia Pinheiro</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Contadora CRC 1RJ048568/O-7</FONT></P>

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   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Balance sheet</FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><U><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>ASSET</FONT><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>S</FONT>&nbsp;</U></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>CURRENT</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>5</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>296,099</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>627,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Restricted cash</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>6</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>49,065</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>43,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>7</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>28,719</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>23,246</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Accounts receivable from related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>144,115</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>199,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>9</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>8,879</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,222</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>10</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>91,906</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>101,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Taxes recoverable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>107,852</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>91,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>24,699</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>15,419</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>136,577</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other current assets</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,452</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>6,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Total current assets</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>758,786</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,249,440</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>NON-CURRENT</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.72pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Realizable in the long term</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Accounts receivable from related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>154,632</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>9</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>49,968</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>47,627</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Taxes recoverable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>59,508</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>83,252</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>160,089</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>156,532</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>85,522</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>133,056</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.201pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other non-current assets</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>88,858</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>63,024</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.479pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Fixed assets</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>14</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>6,179,512</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>6,146,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.479pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>15</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>35,930</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>43,080</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Total non-current assets</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>6,814,019</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>6,673,528</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,572,805</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,922,968</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-1</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B></FONT></FONT></B>&nbsp;</P></DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=right><FONT size=2 face=Arial></FONT><FONT face=arial,sans-serif>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Balance sheet</FONT></B></FONT></B></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31</FONT></B></FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: left; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais</FONT></B></FONT></FONT></B></P></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="50%" align=right><FONT size=2 face=Arial>(continued)</FONT>&nbsp;</TD></TR></TABLE>

<DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><U><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>LIABILITIES AND EQUITY</FONT>&nbsp;</U></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>CURRENT</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>222,769</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>229,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Labor and social security obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>159,669</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>148,802</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Tax obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>150,609</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>65,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>18</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>653,491</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>876,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Liabilities with related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,031</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>18,966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Dividend payable</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8 and 20</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>99,261</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>70,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Concession and lease payable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>67,803</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>61,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Customer advances</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,033</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>24,664</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>23,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Total current liabilities</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,393,810</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,504,929</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>NON-CURRENT</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>18,492</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>21,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>18</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2,176,357</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2,762,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Liabilities with related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>16,303</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Concession and lease payable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>68,388</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>68,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Customer advances</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>380</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Deferred taxes</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>22.b</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>270,185</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>324,141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>322,667</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>252,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Other obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,415</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Total non-current liabilities</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2,876,187</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,433,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>TOTAL LIABILITIES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>4,269,997</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>4,938,844</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>EQUITY</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.72pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Share capital</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,487,756</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,392,974</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.72pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Reserve for capital increase</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>109,606</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.72pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Revenue reserves</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,696,528</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,487,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Statutory reserve</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.c</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>246,222</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>225,345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.d and 32</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,351,139</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>1,262,411</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.2pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Proposed additional dividend</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.e</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>99,167</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.68pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Carrying value adjustments</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>8,918</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>8.612</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.96pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>Total equity</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>3,302,808</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>2,984,124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.96pt" width="64%" align=left><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND EQUITY</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,572,805</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; BORDER-LEFT: medium none" width="1%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=2 face=Georgia,Arial,Helvetica,sans-serif>7,922,968</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-2</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_289"></A>

<a name="_bclHeader289"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of income</FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years ended December 31</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="54%"></TD>

   <TD width="10%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>NET SERVICES REVENUE</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,279,420</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,172,744</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,063,061</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(2,208,786)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(2,095,614)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(2,014,374)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>GROSS</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,070,634</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,077,130</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,048,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>OPERATIONAL INCOME (EXPENSES)</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Selling</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>37,977</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(10,322)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(61,971)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>General and administrative</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(214,623)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(205,947)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(212,533)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Other operational income</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>28</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>307,626</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>150,916</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>215,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Other operational expenses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>28</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(291,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(311,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(223,660)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>PROFIT BEFORE FINANCIAL RESULT AND TAXES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>910,447</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>700,728</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>765,951</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>FINANCIAL RESULT</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>343,199</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>461,631</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>217,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(592,499)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(710,621)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(407,949)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(249,300)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(248,990)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(190,294)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>PROFIT BEFORE TAXES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>661,147</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>451,738</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>575,657</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>22.a</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(297,221)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(123,208)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(149,484)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>22.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>53,619</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(32,732)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(47,412)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>NET PROFIT FOR THE YEAR</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>417,545</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>295,798</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>378,761</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>NUMBER OF SHARES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>AT THE END OF THE YEAR - THOUSANDS</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>340,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>340,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>340,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>PROFIT PER ONE THOUSAND SHARES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>AT THE END OF THE YEAR - R$</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,228.07</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>869.99</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,114.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>BASIC EARNINGS PER</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>COMMON SHARE</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.18</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>0.83</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>PREFERRED SHARE</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.29</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>0.92</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.17</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>DILUTED EARNINGS PER</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>COMMON SHARE</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.18</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>0.83</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>PREFERRED SHARE</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.29</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>0.92</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1.17</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" colSpan=2 align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these financial statements.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=left>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-3</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_290"></A>

<a name="_bclHeader290"></a><DIV><FONT></FONT>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of comprehensive income</FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years ended December 31</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="51%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>NET PROFIT FOR THE YEAR</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>666,845</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>295,798</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>378,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Items that will not be reclassified to the result</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.279pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Measurements of post-employment benefit obligation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.2pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(31)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>464</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.279pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Tax effect</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.2pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>337</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>339</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(788)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>COMPREHENSIVE INCOME FOR THE YEAR</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>667,151</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>296,601</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>380,291</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these financial statements.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-4</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_291"></A>

<a name="_bclHeader291"></a><DIV><FONT></FONT>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of changes in equity</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="23%"></TD>

   <TD width="5%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Revenue reserves</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=4 width="23%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Share capital</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Allocation for the</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>increase of</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>share capital</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Carrying</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>value</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>adjustments</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Legal</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Retention for</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>investments</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>dividends</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Accumulated</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>profits</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.239pt" width="23%" align=left><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>ON JANUARY 1, 2014</FONT></B>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,202,336</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>73,222</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>191,617</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,083,941</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>111,487</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,387,045</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2,668,882</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Comprehensive results for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>378,761</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>378,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Measurements of post-employment benefits obligation</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,530</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,530</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total comprehensive income for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,530</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>378,761</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>380,291</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Capital increase - approved 3/21/2014</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>73,222</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(73,222)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Appropriation of net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.919pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Board of directors' proposal for reserve allocation for capital increase</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>117,416</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(117,416)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(117,416)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.679pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Dividends and interest on net equity</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(111,487)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(111,487)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(111,487)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.919pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Additional proposed dividends - approved 4/24/2014</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.919pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed dividends</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>53,973</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>53,973</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(143,929)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(89,956)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.359pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Transfer among reserves</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.239pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Statutory reserve</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.c</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>18,938</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>18,938</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(18,938)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.239pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Retention for investments</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.d</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>215,894</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>215,894</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(215,894)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total of stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>73,222</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>44,194</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>18,938</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>98,478</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(57,514)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>59,902</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(378,761)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(201,443)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.239pt" width="23%" align=left><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>BALANCE ON DECEMBER 31, 2014</FONT></B>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,275,558</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>117,416</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>7,809</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>210,555</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,182,419</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>53,973</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,446,947</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2,847,730</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Comprehensive income for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>295,798</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>295,798</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Measurements of post-employment benefits obligation</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>803</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total comprehensive income for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>803</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>295,798</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>296,601</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Capital increase - approved 3/18/2015</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>117,416</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(117,416)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Discretionary dividends - approved 12/15/2015</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(35,982)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(35,982)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(35,982)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Appropriation of net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.919pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Board of directors' proposal for reserve allocation for capital increase</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(94,782)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(94,782)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.359pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Dividends and interest on net equity</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.319pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Additional proposed dividends - approved 4/28/2015</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(53,973)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(53,973)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(53,973)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.799pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed dividends</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(70,252)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(70,252)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.359pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Transfer among reserves</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.239pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Statutory reserve</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.c</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>14,790</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>14,790</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(14,790)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.239pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Retention for investments</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.d</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>210,756</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>210,756</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(210,756)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total of stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>117,416</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(22,634)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>14,790</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>79,992</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(53,973)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>40,809</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(295,798)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(160,207)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.239pt" width="23%" align=left><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>BALANCE ON DECEMBER 31, 2015</FONT></B>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,392,974</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>8,612</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>225,345</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,262,411</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,487,756</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2,984,124</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-5</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_292"></A>

<a name="_bclHeader292"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of changes in equity</FONT></B></FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais</FONT></B></FONT></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="50%" align=right><STRONG><FONT size=2 face=Arial>(continued)</FONT></STRONG><FONT face=arial,sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B></P></DIV>

<DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="23%"></TD>

   <TD width="5%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Revenue reserves</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=4 width="23%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Share capital</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Allocation for the</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>increase of</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>share capital</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Carrying</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>value</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>adjustments</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Legal</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Retention for</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>investments</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>dividends</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Accumulated</FONT><BR><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>profits</FONT></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="7%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>BALANCE ON DECEMBER 31, 2015</FONT></B>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,392,974</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>8,612</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>225,345</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,262,411</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,487,756</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2,984,124</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Comprehensive income for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.559pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>417,545</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>417,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.559pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Measurements of post-employment benefits obligation</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>306</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total comprehensive income for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>306</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>417,545</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>417,851</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.559pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Capital increase - approved 3/18/2016</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.a</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(94,782)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.559pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Appropriation of net profit for the year</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Board of directors' proposal for reserve allocation for capital increase</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>109,606</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(109,606)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(109,606)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.119pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Dividends and interest on net equity</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.119pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed additional dividends</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.e</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>99,167</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>99,167</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proposed dividends</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,167)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.119pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Transfer among reserves</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Statutory reserve</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.c</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>20,877</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>20,877</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(20,877)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>. Retention for investments</FONT>&nbsp;</TD>

   <TD width="5%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.d</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>198,334</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>198,334</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(198,334)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Total of stockholder contributions and distributions to stockholders</FONT>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>94,782</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>14,824</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>20,877</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>88,728</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>99,167</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>208,772</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(417,545)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,167)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>BALANCE ON DECEMBER 31, 2016</FONT></B>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,487,756</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>109,606</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>8,918</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>246,222</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,351,139</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>99,167</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,696,528</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,302,808</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=20>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=20 align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-6</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_293"></A>

<a name="_bclHeader293"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of cash flows</FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years ended December 31</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="51%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>Re-presented</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>Re-presented</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>CASH FLOW OF OPERATING ACTIVITIES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>Note 2.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>Note 2.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Profit before IRPJ and CSLL</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>661,147</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>451,738</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>575,657</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Adjustments to reconcile net profit for the year with cash generated by</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>operating activities:</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Results on disposal of fixed assets</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(14,317)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(49)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(268)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>559,765</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>515,408</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>447,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Monetary/exchange rate variation and financial charges</FONT>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>298,674</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>340,893</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>233,009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Amortization, advance payment, concession and leasing</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>12 and 15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>9,261</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>9,261</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>9,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Residual value of fixed assets written-off</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>14</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>22,715</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>11,325</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>39,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>71,113</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>125,602</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>25,416</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Prepaid expenses amortization</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>10,292</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>8,690</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>5,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Provision for asset losses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>10, 11 and 14</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(2,307)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>25,841</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(20,741)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Estimated provision for losses in doubtful debt</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.98pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>7 and 9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(49,085)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>51,793</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(59)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>999</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>369</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Cash provided by operations</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>906,052</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,037,970</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>791,088</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(Increase) reduction in assets:</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.98pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>7 and 9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>31,230</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(15,830)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>20,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Receivables from related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,038)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>13,338</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(76,416)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>8,394</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(4,076)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>11,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,409</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(38,718)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>77,169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(31,947)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(20,754)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(10,714)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Other prepaid assets</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(16,734)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>232</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(12,627)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(Increase) reduction in liabilities:</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Concession and lease payable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>5,697</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>4,746</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(1,204)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(46,353)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,054</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(8,803)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Payables to related parties</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>368</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>14,286</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(6,219)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Tax obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>4,002</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,177</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Labor and social security obligations</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>10,867</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(3,106)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>3,814</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>24.f</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(31)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>464</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(2,318)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Taxes on profit</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(215,842)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(110,787)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(186,931)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Payment of interest on loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(227,825)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(209,932)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(194,749)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Other accounts payable</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(27,518)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(30,047)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>7,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net cash provided by operating activities</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>965,878</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>1,091,755</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>988,335</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-7</FONT></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<a name="_bclHeader294"></a><DIV>

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<DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of cash flows</FONT></B></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years ended December 31</FONT></B></FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais</FONT></B></FONT></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="50%" align=right><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(continued)</FONT></B></FONT></B><FONT face=arial,sans-serif></FONT></TD></TR></TABLE></DIV></DIV><FONT></FONT>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="51%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Notes</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>CASH FLOW OF INVESTING ACTIVITIES</FONT>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Additions to fixed assets</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.6pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>14</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(571,445)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(783,522)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(1,029,841)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Additions to intangible assets</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.6pt" width="10%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif>15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Georgia,Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(5,933)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(10,085)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(11,938)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Proceeds from disposal of fixed assets</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>29,537</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>53</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(547,841)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(793,554)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(1,041,329)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>CASH FLOW OF FINANCING ACTIVITIES</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>29,938</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>254,004</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>387,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Payment of loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(609,264)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(327,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(319,352)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>New issuance of debentures</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>555,003</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Payment of debentures</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(99,990)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(193,746)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(70,247)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(179,873)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(222,934)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Net cash provided by (used in) financing activities</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(749,563)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>108,339</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(154,966)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>INCREASE (REDUCTION) IN CASH AND CASH EQUIVALENTS</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(331,526)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>406,540</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>(207,960)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>627,625</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 9.619pt" width="12%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>221,085</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>429,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>Closing balance</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>296,099</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 9.619pt" width="12%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>627,625</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>221,085</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=8 align=left><FONT size=1 face=Georgia,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B></FONT></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-8</FONT></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_295"></A>

<a name="_bclHeader295"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements <BR>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>General</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>MRS Log&#237;stica S.A. ("MRS" or "Company") is a publicly-held limited liability company with unlimited duration, incorporated on August 30, 1996, with the purpose of exploring, by onerous concession, the public service of goods transportation in the railroad system of the Southeast Network, located in the Rio de Janeiro, S&#227;o Paulo and Minas Gerais axis, of the former Rede Ferrovi&#225;ria Federal S.A. - RFFSA, which was privatized on September 20, 1996.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company may also explore modal transportation services related to the railway transportation and participate in projects aiming at the expansion of rail services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>For the provision of the rail transportation services, in accordance with the concession obtained for a 30-year period, from December 1, 1996, which may be extended, in case of demonstrated interest of both parties, to the maximum limit of 30 years at the sole discretion of the Granter, the Company leased from RFFSA, for the same period of the concession, the assets required to operate and maintain railway cargo transportation activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The concession agreement sets forth goals to be met by the Company, related to increased cargo transportation and the decreased number of accidents on the railway lines. If these goals are not met, the Federal Government may determine, by federal decree, the intervention in the Company for a maximum period of 180 days, after which the concession may be canceled or returned to the Company. The concession may be terminated in the following legal situations: (i) end of the contract term; (ii) expropriation; (iii) expiration; (iv) termination; (v) annulment of the tender; (vi) bankruptcy or dissolution of the Company. In any case of termination of the concession, the Company shall be indemnified by the Federal Government for the undepreciated balance of investments carried out and declared reversible by the Granting Authority. On December 31, 2016, MRS was compliant with the aforementioned targets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=Georgia>Company Management states that a significant portion of the negative net current assets presented on December 31, 2016, refers to obligations of debt concentrated in the 2<SUP>nd</SUP> half of 2017. It is also believes that this scenario shall be managed throughout the year, due to the strong cash generation from operational activities, as well as new long-term resource, via financial institutions or the local capital market, already foreseen by the Company, as further </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face=Georgia>detailed in Note 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The issue of this &nbsp;financial statements for the year ended December 31, 2016 were approved by the Company's Board of Directors on April 20, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Summary of the main accounting policies</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The main accounting policies applied when preparing these financial statements are detailed below and have been applied consistently in the years presented, unless otherwise stated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Bases of the financial statements</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Declaration of conformity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The financial statements were prepared and are presented in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and show all (and only) relevant information pertinent to the financial statements, such information being consistent with that used by management in its activities.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-9</FONT></P>

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   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_296"></A>

<a name="_bclHeader296"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Basis of preparation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The financial statements were prepared considering the historic cost as base value, with some financial assets and liabilities (including derivative instruments) measured at fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The preparation of financial statements requires the use of certain key accounting estimates and also the judgment by the Company's Management when applying the accounting policies. The areas that require a higher level of judgment and are more complex, as well as areas in which assumptions and estimates are significant to the financial statements, are reported in Note&nbsp;3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.2</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Restatement of the comparative figures</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.45pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Correction of errors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In 2016, changes were made in the statement of cash flows, aiming at better presentation in compliance with the applicable accounting standard "IAS 7 - Statement of cash flows", as described below:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Change of the balance criterion for the net profit at year-end for Profit before taxes, that is, the current and deferred corporate income tax (IRPJ) and social contribution (CSLL) effects;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Adjustment of suppliers not considering as investing activity the unpaid amounts regarding the purchase of fixed asset and;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Presentation of resources from the disposal of fixed assets in investing activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The statement of cash flows of December 31, 2015, presented for purposes of comparison, has been adjusted and restated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Restatement effects</FONT></B></P>

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<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="POSITION: relative"><FONT style="HEIGHT: 65px; WIDTH: 2px; POSITION: absolute; LEFT: 414px; TOP: -21px">
   <IMG src="x17121619520109.gif" width=2 height=65></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 16.25pt">

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Original</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Adjustment</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Restated</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of operating activities</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,159,949</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(68,194)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,091,755</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 3.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of investing activities</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(861,748)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>68,194</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(793,554)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 10.95pt">

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of financing activities</FONT></P></TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>108,339</FONT></P></TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>108,339</FONT></P></TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4.35pt">

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</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" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Increase of cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>406,540</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>406,540</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%"><FONT style="POSITION: relative"><FONT style="HEIGHT: 65px; WIDTH: 2px; POSITION: absolute; LEFT: 414px; TOP: -21px">
   <IMG src="x17121619520110.gif" width=2 height=65></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp; </FONT></TD>

   <TD style="HEIGHT: 18.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 16.25pt">

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Original</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Adjustment</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Restated</FONT></P></TD>

   <TD style="HEIGHT: 16.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of operating activities</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,007,419</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(19,084)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>988,335</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.95pt">

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 3.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of investing activities</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(1,060,413)</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>19,084</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(1,041,329)</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net cash of financing activities</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(154,966)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(154,966)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4.35pt">

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</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" vAlign=top width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Increase of cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(207,960)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(207,960)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-10</FONT></P>

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<a name="_bclHeader297"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.3</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Presentation of segment information</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Since only cargo transportation services are offered by the Company, for accounting and management purposes, the Company is organized into a single business unit. The Company's operations are controlled, managed, and monitored by management as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.4</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Translation of foreign currency</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>(a) </FONT></B></EM><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>Functional currency and presentation currency</FONT></B></EM></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia></FONT></EM>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The items included in the financial statements are measured using the main currency of the economic environment in which the Company operates ("the functional currency"). Accordingly, the financial statements are presented in reais (R$).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>(b) </FONT></B></EM><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>Foreign currency operations and balances</FONT></B></EM></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Operations in foreign currency are translated to the functional currency by using the current exchange rates on the transaction dates or measurement dates, when items are remeasured.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The gains or losses in translation from these operations and translation at the exchange rates at the year-end, referring to monetary assets and liabilities in foreign currency, are recognized in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The gains or losses in translation regarding loans, cash and cash equivalents, as well as other exchange gains or losses, are presented in the income statement as financial income or expense.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.5</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Cash and cash equivalents</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company considers as cash and cash equivalents the amounts in cash, bank deposits and financial investments, redeemable within 90 days, and convertible into a known cash amount, subject to an insignificant risk of change in value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.6</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial assets</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 97%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.6.1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Classification and initial measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's classifies its financial assets - at initial recognition - under the following categories: measured at fair value through results and loans and receivables. The classification depends on the purpose for which the financial assets were purchased.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's financial instruments include accounts receivable, amounts due from related companies, cash and cash equivalents, restricted cash, in addition to the transactions with derivative financial instruments.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-11</FONT></P>

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<a name="_bclHeader298"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The financial instruments are initially recognized at their fair values less any transaction costs assigned directly to acquisition or issuance, except for instruments that are recognized at fair value through results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.6.2 Subsequent measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The measurement of financial assets depends on the classification, which can be as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial assets measured at fair value through results</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>An instrument is classified at the fair value through results if acquired for purpose of trading i.e. defined as such on initial recognition. After the initial recognition, the related transaction costs are recognized in the results when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>This category includes the derivative financial instruments contracted by the Company that do not meet the accounting criteria for hedge accounting defined by IAS 39. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Loans and receivables </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>These are non-derivative financial assets with fixed or determinable receipts, and established maturity dates, which the entity intends to and is capable of complying with. Initially, they are recognized less any transaction costs directly assigned. After initial recognition, the financial assets, held until maturity, are measured at amortized cost. The Company's loans and receivables comprise trade accounts receivable and related companies, other receivables, cash and cash equivalents, and restricted cash.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Usually, these receivables are recognized at the invoiced amount adjusted to their present value when considered significant, and less the estimated losses due to impairment. The estimated losses from doubtful debts are provided at an amount considered sufficient to cover probable losses or on uncollectible debts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.6.3</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Offsetting of financial instruments </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial assets and liabilities are offset and the net amount is presented in the balance sheet when there is a legal right to offset the recognized amounts and the intention to settle them on a net basis, or simultaneously dispose of the assets and settle the liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.6.4</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial assets impairment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Assets measured at amortized cost</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>A financial asset or group of financial assets is impaired and impairment losses are recognized only if any evidence that they incurred a loss in their recoverable amount is found.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Annually, the Company evaluates if there is evidence of loss in the recoverable amount of a financial asset using the following criteria:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>financial problems of the issuer or borrower;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>breach of contract, such as failure to comply with the agreement or delay in payments;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>likelihood of the debtor entering into bankruptcy, or other similar financial reorganization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The impairment loss is the difference between the asset's carrying amount and the current amount of the estimated future cash flows, discounted at the original effective rate of interest of the financial asset. The amount of loss is recognized in the results for the year.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-12</FONT></P>

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<a name="_bclHeader299"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>If in a later period, the impairment loss decreases and such decrease is related to an event occurred after the recognition of the loss of recoverable amount, the reversal of the previously recorded loss is recognized in the result.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.7</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Derivative financial instruments</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has derivative financial instruments to protect itself from risks related to foreign currency and interest rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The derivative financial instruments are initially recognized at the fair value on the date the derivatives contract is signed, and remeasured thereafter at fair value. The derivatives are presented as financial assets when the instrument's fair value is positive, and as financial liabilities when the fair value is negative. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>As from April 1, 2016, the Company chose to apply the hedge accounting methodology for a swap that protects a debt in U.S. dollar with fixed rate interest, according to the Risk Management and Hedge strategy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company documented such hedge as hedge of Fair Value after the tests showed that it is expected that the Hedge is highly effective when offsetting the changes in the fair value of the hedged item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>From the swap is designation as on the Hedge of Fair Value, the variation of the hedge fair value is still recorded in the financial statements, but at the same time, the variation of the assigned risk fair value subject of the designated hedge is verified and recorded in liabilities as a balancing item in the results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.8</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Trade accounts receivable and related companies</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia>The trade accounts receivable correspond to the receivable for the rendering of cargo shipping services and related companies in the normal course of the Company's activities. If the receipt is expected in one year or less, the accounts receivable are classified in current assets. Otherwise, they are presented in non-current assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=Georgia>Initially, they are recognized at the fair value and then measured at amortized cost using the method of the effective rate of interest less the estimated impairment loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.9</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Inventories</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The inventories are shown at weighted average cost that does not exceed the net realizable value. The provisions for low turnover or obsolete inventories are made as needed by management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.10</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Intangible assets</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Intangible assets acquired separately are measured at the cost at the time of their initial recognition. After the initial recognition, they are presented at the cost, less the accrued amortization and any accrued losses in recoverable value. The expenses with the development of assets generated internally are also capitalized and are included in the intangible asset cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Intangible assets with defined lives are amortized throughout their economic life and evaluated regarding any loss by reducing them to the recoverable value, whenever there is a loss of the asset economic value. The amortization method and term for an intangible asset with a defined life are reviewed at least at the end of each year. Changes in the estimated life or expected consumption of future economic benefits of these assets are recognized by changing the amortization period or method, as applicable, and treated these as changes in accounting </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>estimates. The amortization of intangible assets with defined life is expensed in the income statement consistent with their use.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-13</FONT></P>

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<P></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The intangible assets amortization rate, excluding concession fee, was estimated at 20% per year. The part that refers to the advance payment of the concession is appropriated to the cost of the services rendered over the term of the concession agreement (360 months).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Gains or losses resulting from the sale or write-off of an intangible asset are measured as the difference between the net value obtained from the sale and the asset carrying value, and are recognized in the income statement when writing-off the asset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.11</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Fixed assets</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The fixed assets are presented at cost less depreciation/accrued amortization and/or possible accrued losses by reducing them to the recoverable value, as the case may be. The referred cost includes the replacement cost of a part of the fixed assets and loan costs of long-term construction projects, when the recognition criteria are met. When a material replacement is performed, its cost is recognized in the fixed asset carrying value, if the recognition criteria are met. All the other repairs and maintenance costs are recognized in the income statement, when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>A fixed asset item is written-off when sold or when no future economic benefit is expected from its use or sale. Any gain or loss resulting from asset write-off is included in the financial statements for the year the asset is written-off.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>At the end of the concession term, the concessionaire assets and those resulting from investments in leased assets, necessary for railway transportation service provision and linked to the concession can - upon declaration of reversibility and due compensation of the investments performed by the Granting Authority - now be returned to the Federal Government equity, as provided in Clause 16 of the Concession agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The fixed asset items are depreciated from the date they are available for use, or if the assets are built internally, from the day the construction ends and the asset is available for use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Depreciation is calculated using the straight-line method based on the asset's estimated service life. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Land is not depreciated. The annual rates for depreciation and service life of the main asset groups are:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Average life</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Asset groups</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(in years)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Immovable assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Improvements in permanent way</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>9.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Improvements on leased property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>4.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Locomotives</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Diesel locomotives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Electric locomotives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>4.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Used locomotives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>8.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Useful improvements on locomotives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>12.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Average service life of the main components</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>12.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Wagons</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Wagons</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Useful improvements on cars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Average service life of the main components</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>16.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Others</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Grinder, control car, equipment and tools</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Data processing equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>20.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="73%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Furniture and utensils</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-14</FONT></P>

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   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_301"></A>

<a name="_bclHeader301"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The residual value, asset service life, and depreciation methods are reviewed at the end of each year and adjusted prospectively, when applicable.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.12</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Non-financial assets impairment</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Management annually reviews the carrying value of non-financial assets with the purpose to evaluate events or changes due to economic, operating or technological circumstances that might indicate impairment or loss of recoverable value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>For the evaluation of non-financial assets, Management uses the future profitability methodology for the considered cash generating unit, and thus determines the value in use of the Company's assets. If the fixed asset carrying value is higher than the value in use, a provision is made for devaluation, reducing the net carrying value to the recoverable value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.13</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Trade accounts payable</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>These are obligations to pay for goods or services that were acquired in the ordinary course of business. They are classified as current liabilities if the payment is due in the period of up to 1 year. Otherwise, they are presented as non-current liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Initially, they are recognized at fair value and thereafter measured at amortized cost using the method of the effective rate of interest. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.14</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial liabilities</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.14.1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Classification and initial measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial liabilities are classified as at fair value through results or other financial liabilities, as applicable. The Company determines the classification of its financial liabilities at the time of their initial recognition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Initially, they are recognized at fair value and, in the case of loans and other debts, they are net of the cost of the related transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's financial liabilities include trade accounts payable, amounts due to related companies, loans and other debts, debentures, and losses in transactions with derivative financial instruments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2.14.2 Subsequent measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The measurement of financial liabilities depends on their classification, which can be as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-15</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial liabilities at fair value through results<BR></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>These are classified as held for trading when acquired with the purpose of short-term settlement. The derivative financial instruments contracted by the Company that do not meet the accounting criteria of cash flow hedge defined by IAS 39 are included in this category.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Losses and gains of liabilities for held trading are recognized in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Other financial liabilities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia>These are initially recognized at the net fair value of the costs incurred in the transaction and are thereafter stated at amortized cost. Any difference between the fair values (net of transaction costs) and the total value to be paid is recognized in the income statement over the term the loans, using the method of the effective rate of interest. The Company's "Other financial liabilities" comprise suppliers, accounts payable to related companies, loans and other debts and debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LINE-HEIGHT: 100%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia>Loans are classified as current liabilities unless the Company has an unconditional right to defer payment for, at least, 12 months after the balance sheet date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia>General and specific loan costs that are directly assigned to the acquisition, construction or production of an eligible asset are capitalized as part of the asset cost when it is likely that they will result in future economic benefits for the entity and that such costs can be measured with confidence. Other loan costs are recognized as expenses in the year they are incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.15</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Provisions</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia>The provisions for litigation (labor, civil, tax and environmental) are recognized when: (i) the Company has a constructive obligation as a result of past events; (ii) it is likely that an outflow is necessary to settle the obligation; and (iii) it is possible to safely estimate the value. Provisions do not include future operating losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia>When a number of similar obligations exist, the likelihood of loss is determined by taking into account the class of obligations as a whole. A provision is recognized even if the likelihood of loss related to any individual item included in the same obligation class is low.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 100%" face=Georgia>Provisions are measured at the expenditure needed to settle the obligation using a rate before the tax effects, which reflects the current market evaluations of the time value of money and the risks specific to the obligation. The increase of the obligation as a result of the passing of time is recognized as a financial expense.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.16</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Current and deferred income tax and social contribution</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The expenses of income tax and social contribution of the year comprise the current and deferred taxes. Income taxes are recognized in the income statement, except when they are related to items recognized in equity or comprehensive result. In this case, the tax is also recognized in the equity or comprehensive result.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>The current and deferred income tax and social contribution is calculated based on the enacted tax laws, or those substantially enacted, at the balance sheet date. From time to time, Management assesses the positions taken by the Company in tax returns regarding circumstances in which the applicable tax regulation is subject to interpretations; and makes provisions when appropriate, based on the estimated payment due to the tax authorities.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-16</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>Income tax and social contribution are shown in liabilities when there are amounts payable or in assets when the amounts paid in advance exceed the total due at the balance sheet date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>Deferred income tax and social contribution are recognized using the liability method on the temporary differences existing between the tax bases of assets and liabilities and their accounting values in the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>Deferred tax assets are recognized only to the extent that future taxable income will be available for the use of the temporary differences.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=Georgia>Deferred tax assets and liabilities are presented at the net value in the financial statements when there is the legal right and intention to offset them in the calculation of the current taxes, usually related to the same legal entity and tax authority. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.17</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Employee benefits</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Pension benefits and other post-employment benefits </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company sponsors a defined contribution welfare plan, which requires that the contributions be made to funds separated from the Company's own resources. The Company has no further payment obligation after the contribution is made. Contributions are recognized as benefit expenses for employees, when they fall due. Contributions in advance are recognized as an asset when a reimbursement in cash or reduction in future payments is available.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company also grants post-retirement medical assistance to its employees. The right to such benefits is usually subject to the employee staying in employment until retirement and completion of a minimum employment time. The expected costs of these benefits are accrued during the time of service, using the same accounting methodology used in defined benefit pension plans. Actuarial gains and losses from adjustments based on experience and changes in actuarial assumptions are debited or credited to equity, in other comprehensive results. Such obligations are assessed annually by qualified independent actuaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Past service costs of the health insurance plan are recognized on the straight-line basis as expenses throughout the average term in which the right to the benefits is acquired. If the right to the benefits has already been acquired, past service costs are immediately recognized after their introduction or after changes in the health plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Short-term benefit - profit sharing</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company recognizes a liability and an expense for profit sharing based on its own methodology, approved by the Board of Directors. The Company recognizes a provision when it is obliged by a contract or when there is a previous practice that has generated an informal obligation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.18</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Finance leases</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company classifies its contracts as operational or finance lease based on the contracted operation, which considers which party is responsible for inherent risks and benefits of the ownership of the leased assets, throughout their life.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Finance leases are registered as a financed purchase, recognized initially an asset and a financing liability (leasing).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-17</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Operating lease payments are recognized on the straight-line basis as cost or expense in the income statement over the lease term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.19</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Leasing and concessions</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company renders utility services under leasing and concession contracts. Although the Company acts under a concession, its activity does not fall under the Technical Interpretation requirements IFRIC 12 - Service Concession Arrangements, since the Granting Authority cannot control to whom the services should be rendered or the price to be charged. The commercial relationship between the Company and its clients prevails. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.20</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Share capital</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The subscribed and paid-up share capital is divided into book-entry common and preferred shares, with no par value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.21</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Revenue recognition</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Revenue is recognized to the extent it is likely that economic benefits will be obtained by the Company and when it can be reliably measured. Revenue is measured based on the fair value of the consideration, net of discounts, deductions and taxes or charges on sales. The following specific criteria should also be met before revenue recognition:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Provision of transportation services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The revenue for provision of cargo transportation services, the Company's main revenue, is recognized when cargo is transported according to the service agreement. Service revenue fair value is reliably calculated based on fees previously agreed between the parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Financial income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The financial income comprises the interest income and monetary and exchange rate variation on financial investments, advances to suppliers, trade accounts receivable and exchange rate variations on loans and other debts. Interest revenue is recognized on the straight-line method based on time and effective rate of interest on the principal amount.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Other operational revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Other revenues are recognized when it is likely that future economic benefits will be generated for the Company, and the revenue value can be reliably measured.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.22</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Distribution of dividends </FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia>The distribution of dividends to the Company's stockholders is recognized as a liability in the financial statements at the end of the year, based on the Company's bylaws. Any amount above the minimum required by the Corporation law (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia>Lei das S.A.s</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia>) should only be provided on the date it is approved by the stockholders at a General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 99%" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Estimates and critical accounting judgments</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The accounting estimates and judgments are continually assessed and are based on the historical experience among other factors, including the expectation of future events, considered reasonable under the circumstances. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-18</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Critical accounting estimates and assumptions</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Based on assumptions, the Company makes estimates regarding the future. By definition, the resulting accounting estimates will rarely be equal to the respective actual results. The estimates and assumptions that present a significant risk of causing a material adjustment to the assets and liabilities accounting values for the next financial year are found below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.45pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Income tax, social contribution and other tax credits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>There are uncertainties regarding the interpretation of tax regulations and value and timing of future taxable results. Differences between the actual results and assumptions adopted, or future changes in these assumptions, may require future adjustments in the results and tax expenses already registered. The Company has provisions, based on appropriate estimates, for possible consequences of inspections by the tax authorities of the jurisdiction in which it operates. The value of these provisions is based on several factors, such as experience of previous tax audits and different interpretation of tax regulations by the taxable entity and by the applicable tax authority. These differences of interpretation may arise in a wide variety of issues, depending on the effective conditions in the Company's respective domicile.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>A significant management judgment is required in order to determine the value of the deferred tax asset that can be recognized based on the probable timing and level of future taxable profit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Post-employment benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The costs of the medical assistant post-employment benefit plan are determined using actuarial evaluation methods. The actuarial evaluation encompasses the use of assumptions about discount rates, expected asset return rates, future wage increases, mortality rates, and future increases in benefits. The obligation of this benefit is sensitive to changes in these assumptions. All assumptions are reviewed at each base date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The supplementary welfare plan is a defined contribution plan, which does not require actuarial assumptions to measure the obligation or expense.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>(c) </FONT></B></EM><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=georgia>Fair value of derivatives and other financial instruments</FONT></B></EM></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The fair value of financial liabilities and assets is obtained by means of active markets. However, when this is not feasible, the fair value is determined by using assessment techniques that require levels of judgment. The judgment includes considerations on the data used such as liquidity risk, credit risk and volatility. Changes in the assumptions on these factors could affect the presented fair value of financial instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Provisions for tax, civil, labor and environmental risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Provisions are made for all contingencies regarding lawsuits whose possibility of loss is considered probable by legal counsel. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company periodically reviews the accrued amounts and if it identifies changes, such as a change of prognosis, applicable limitation period, conclusions of tax inspections or additional exposures identified based on new facts or court decisions, the provisions are adjusted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-19</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Calculation of impairment, depreciation, amortization and evaluation of fixed and intangible assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The calculation of depreciation and amortization of fixed and intangible assets includes the economic life estimates of the main Company assets which is reviewed from time to time.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company performs an assessment of impairment of fixed and intangible assets annually. If the asset's carrying value is greater than the value in use, it is necessary to make the provision for devaluation, reducing the net carrying value to the recoverable value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>New standards not yet effective</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The following standards were issued by the IASB, but are not effective for 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IFRS 15 - "</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Revenue from Contracts with Customers</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>",</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> the purpose of this pronouncement is to set the principles the entity should apply to present useful information to the users of financial statements on the nature, value, timing, and uncertainty of revenues and cash flows from the contract with customers, based on the basic principle that the entity shall recognize revenues on the transfer of goods or services promised to customers at the amount reflecting the consideration which the entity expects to be entitled in exchange for such goods or services. It is effective on January 1, 2018, and although a detailed evaluation of its effects is not completed, the Company does not expect significant impacts on adoption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IFRS 9 - "</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial instruments</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>"</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>, addresses the classification, measurement and recognition of financial assets and liabilities. The full version of IFRS 9 was published in July 2014 and becomes effective on January 1, 2018. It replaces IAS 39 guidelines regarding the classification and measurement of financial instruments. The main changes the IFRS 9 brings are: (i) new classification criteria for financial assets; (ii) new impairment model for financial assets, hybrid of expected and incurred losses, replacing the current model of incurred losses; and (iii) flexibility of the requirements for adopting hedge accounting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Management understands that the new IFRS 9 guidelines will not bring a significant impact on classification and measurement of the Company's financial assets, as well as in accounting hedge relations. The Company has not completed the detailed assessment of how the impairment provisions will be affected by the new model. Although no significant impact is expected, its application probably will anticipate possible recognition of losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IFRS 16 - "</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Leases</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>"</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>, this standard replaces the previous leasing standard, IAS 17 - Leasing Operations, and related interpretations, and sets the principles for recognition, measurement, presentation and disclosure of leasing for both parties of a contract i.e. clients (lessees) and suppliers (lessors). Lessees are required to recognize a lease liability reflecting future lease payments and a "right of use of an asset" for almost all lease contracts, except some short-term leases and low-value asset agreements. For lessors, the accounting treatment practically remains the same, with the classification of leases as operating leases or finance leases and a different accounting for both lease contract types. It is effective on January 1, 2019, and Management is assessing the impacts of its adoption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although the impacts are still not measured, the Company understands that this new standard will significantly effect the financial standing with possible recognition of the lease liability and the right of use of the leased assets of the Granting Authority (see Note 21).</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Cash and cash equivalents </FONT></B></H4>

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</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="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Cash and banks</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>23,530</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,127</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Financial investments in Brazil</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 30pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>CDB</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" color=black face=Georgia></FONT>&nbsp;</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" color=black face=Georgia>84,514</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>59,872</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 30pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Repurchase transactions</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" color=black face=Georgia></FONT>&nbsp;</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" color=black face=Georgia>188,055</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>565,626</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>272,569</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>625,498</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Cash and cash equivalents</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2.5</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>296,099</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>627,625</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Financial investments are represented by securities issued by banks in Brazil and have immediate liquidity. They can be redeemed before maturity, without charges or significant adjustment in the yield previously agreed with the financial institution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>These investments are in CDB and repurchase agreements backed by debentures, with remuneration based on the variation of Interbank Deposit Certificates - CDI, currently in the range between 100.00% and 102.80%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The reduction of R$&nbsp;331,526 is basically due to the lower amount of loans obtained in the year, as well as to the higher amount of repayments, including debt settlement in US dollar.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>The calculation of the fair value of financial investments is described in Note 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Times></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Times></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Restricted cash</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Restricted cash refers to the financial investment linked to the short-term portion of the Brazilian Development Bank (BNDES) debt, related to the Projects Financing (FINEM) and to the Document of Credit Limit Usage (DULC) being part of the operation guarantee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>This investment, in the amount of R$49,065 (R$43,850 in 2015), is backed by debentures (repurchase operation with banks in Brazil) with remuneration based on the variation of Interbank Deposit Certificates - CDI.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Trade accounts receivable</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Clients in Brazil</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(a) </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>29,825</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>75,039</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Estimated provision for loss in doubtful debt</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(b) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(1,106)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(51,793)</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>28,719</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>23,246</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Basically refer to the receivables related to railway freight services rendered, including mutual traffic and right of way charges, for clients that are not related parties.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-21</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>As disclosed in the 2014 financial statements, the Company accrued the total loss of the value receivable from MMX Sudeste Minera&#231;&#227;o S.A., referring to the invoicing of 2014 loads and 2013 take or pay. On October 2, 2015 the Company published a material fact notice informing the approval, by an arbitration court, of an agreement regarding the Company's dispute with MMX Sudeste Minera&#231;&#227;o S.A. - in judicial recovery ("MMX Sudeste"), and with MMX Minera&#231;&#227;o e Met&#225;licos S.A. ("MMX Met&#225;licos"). The said agreement was qualified in the MMX Sudeste judicial recovery process. On October 28, 2016, Company decided to waive the right to receive 49% of UPI Opera&#231;&#227;o Miner&#225;ria and royalties as provided in the judicial recovery plan, maintaining only the right to UPI's Net Sales amount. In addition, the Company informs that the Net Sales value was fully paid on November 9, 2016, in the amount of R$21,628, in light of the decisions taken, and was recognized in the 2016 income statement with the reversal of the loss accrual estimated in doubtful debts established in 2014, for the part paid (receipt) the amount of R$21,628 and the remaining balance treated as a definitive loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" color=black face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Related parties</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The assets and liabilities balances on December 31, 2016, and December 31, 2015, informed in this note, are related to operations with related parties arising from the Company's transactions with its shareholders, related companies and key management personnel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Transactions with related parties are associated especially to the provision of public service of rail cargo transportation. They are conducted on terms and conditions negotiated with each of the contracting customers, observing the tariff ceilings established by the Granting Authority, which apply to all the concessionaire customers, whether they are related parties or not. In accordance with the Company's Corporate Governance, values negotiated with the related parties are approved by shareholders and follow a tariff model that aims at compensating for the costs of the rail transportation services provided, plus margins that are compatible with those established in the business plan. There are no transactions with negative margins, as established in the concession agreement. Moreover, contracts with related parties are long-term and have penalty clauses for non-fulfillment of planned annual volumes, as with the other captive customers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In addition to railway cargo shipping service agreements, the Company has other agreements with its related parties regarding maintenance services and improvements in terminals, scrap sales, and maintenance of rolling stock.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company has the following balances regarding transactions with related parties:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-22</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;- Assets</FONT></B></P>

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   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Receivables </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" vAlign=top width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Vale S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>66,000</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>90,882</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Companhia Sider&#250;rgica Nacional </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>25,842</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>27,185</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Minera&#231;&#227;o Usiminas S.A. (a)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>186,178</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>31,908</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Nacional Min&#233;rios S.A. (b)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,831</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>CSN Minera&#231;&#227;o S.A. (b)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>9,935</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>16,701</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="75%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Usinas Sider&#250;rgicas de Minas Gerais S.A. </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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,859</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>20,927</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>105</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,875</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau A&#231;ominas S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,329</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,462</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau A&#231;os Longos S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>258</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>992</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Ferrovia Centro Atl&#226;ntica (c)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,241</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>946</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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>298,747</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>199,709</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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Current</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>144,115</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>199,709</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Non-current</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>154,632</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>On January 22, 2016, the addendum to the agreement among MRS and Minera&#231;&#227;o Usiminas S.A. "MUSA" and Usiminas was signed where the parties suspended indefinitely the execution of iron ore shipping agreements. MUSA assumed the obligation to indemnify MRS regarding the investments made for the expansion of capacity to meet the contracted demand in order to achieve the economic and financial balance of the agreements then signed. The amount will be paid in 10 yearly installments of R$&nbsp;31,546, a total of R$&nbsp;315,460, with no monetary adjustments. The current value of the payment stream is R$&nbsp;186,178 on December 31, 2016, R$&nbsp;31,546 in current and R$&nbsp;154,632 in non-current. In January 2017, the Company received the amount of R$&nbsp;31,546.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>See Note 24 (a).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>From the amount of R$4.241, R$2.843 refers to receivables as reimbursement due to the shared investment in railway terminal in the Baixada Santista, under the Commitment Agreement 001/2016 signed by and between MRS, ALL -Am&#233;rica Latina Log&#237;stica Malha Paulista S.A. and Ferrovia Centro Atl&#226;ntica S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As mentioned in Note 18, the Company has a receivable agreement with related companies given as guarantee for loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The average time for receiving the receivables from related parties is under 20 days.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-23</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- Liabilities</FONT></B></P>

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<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Liabilities with related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Dividend payable</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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Vale S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>14</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>10,364</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>7,342</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Georgia>Minera&#231;&#245;es Brasileiras Reunidas S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>33,338</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>23,617</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Companhia Sider&#250;rgica Nacional </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>1,245</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,024</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,722</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>13,263</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>CSN Minera&#231;&#227;o S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>93</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,733</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5,873</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Nacional Min&#233;rios S.A. </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>7,398</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Georgia>Usinas Sider&#250;rgicas de Minas Gerais S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>17</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>19</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Gerdau S.A. </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>828</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>96</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>1,245</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>882</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Gerdau A&#231;ominas S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Georgia>Usiminas Participa&#231;&#245;es e Log&#237;stica S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>10,580</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>7,495</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Georgia>Gerdau A&#231;os Longos S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>77</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>599</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Ferrovia Centro Atl&#226;ntica (d)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>17,069</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>214</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Others</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>6,279</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>4,528</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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>19,334</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,966</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>99,261</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>70,398</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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Current</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>3,031</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,966</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>99,261</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>70,398</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Non-current</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>16,303</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD></TR>

<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>The liability of R$17,069 (R$766 in current liabilities and R$16,303 in non-current liabilities) basically refers to amounts to be reimbursed to Ferrovia Centro Atl&#226;ntica for the execution of Lines 7 and 9 of P&#225;tio de Areais, under the Term of Commitment 001/2015, signed by and between MRS and Ferrovia Centro Atl&#226;ntica.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- Result</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Services revenue (3) </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Other operating revenues </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Financial income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Vale S.A. (f) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,682,315</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,607,675</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,479,022</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>30,992</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>271</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Companhia Sider&#250;rgica Nacional (g) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>243,070</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>673,489</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>660,754</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>16,325</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>4,680</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,040</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>344</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Minera&#231;&#227;o Usiminas S.A. (h) </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>16,971</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>104,031</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>178,384</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>164,626</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>66,300</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>23,221</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;CSN Minera&#231;&#227;o S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>639,063</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>39,174</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3,673</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>460</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Nacional Min&#233;rios S.A.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>98,814</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>171,371</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,425</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>247</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Usinas Sider&#250;rgicas de Minas Gerais S.A.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>114,231</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>117,858</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>98,920</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>195</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>6,272</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Gerdau S.A.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,230</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>4,065</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>6,766</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,048</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>597</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,005</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>86</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Gerdau A&#231;ominas S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>106,635</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>81,203</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>85,285</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,436</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>198</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>63</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>21</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>91</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Gerdau A&#231;os Longos S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>8,247</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>18,194</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>19,384</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>11,665</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>14,589</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>15,910</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>135</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Ferrovia Centro Atl&#226;ntica </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>36,763</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>31,725</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>21,792</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>407</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;VLI Multimodal </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>772</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,543</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,160</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Companhia Metal&#250;rgica Prada </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>247</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>259</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;CSN Cimentos S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>10,639</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>9,625</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>95</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>213</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>10</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Confab Industrial S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>110</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>679</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>213</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Sepetiba Tecon S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Usiminas Mec&#226;nica </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Georgia>&nbsp;Votorantim Metais Zinco S.A. </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,468</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>4,996</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>7</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>46</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2,849,422</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2,790,804</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2,737,931</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>230,204</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>22,060</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>89,809</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>24,759</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>591</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>324</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-24</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Presented gross of taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>In October 2016, the Company registered in "Other operating income" the performance of a part of the contract signed with Vale S.A. regarding the sale of 23 locomotives. Up to December 31, 2016, 6 locomotives were delivered, and the value of such sale was R$29,515. The remaining amount of R$&nbsp;1,477 refers to the sale of maintenance materials for these assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The amount of R$&nbsp;17,365, included in "Other income" and "Financial income", basically refers to compensation for investments made to meet contracted demand in order to achieve contract economic and financial balance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(h)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The amount of R$&nbsp;187,847, included as "Other income" (R$&nbsp;164,626) and "Financial income" (R$&nbsp;23,221), refers to the recognition of the suspension of the contract mentioned in the letter (a) of this same note.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>&nbsp;Other operating expenses </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Vale S.A.</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="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 </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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </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="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Companhia Sider&#250;rgica Nacional</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="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 </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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,000 </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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Gerdau A&#231;ominas S.A.</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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 </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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Georgia>Gerdau A&#231;os Longos S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,543 </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: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Ferrovia Centro Atl&#226;ntica</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,250 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,517 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,285 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Sepetiba Tecon S.A.</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 </FONT></P></TD>

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   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

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   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;10,424 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,517 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,285 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Key management personnel</FONT></I></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The compensation due or paid to the Company's key management personnel, which includes its President and Executive Officers, is stated below:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Short-term benefits</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fees and charges</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,602</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,019</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,071</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Bonus</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,598</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,405</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,612</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other benefits </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>214</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>101</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>139</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Post-employment benefits</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Pension plans</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>343</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>218</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>206</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other long-term benefits</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</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" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Long-term incentives</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>11,655</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,349</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,686</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" vAlign=top width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>23,412</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>17,092</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>14,714</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" color=black face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-25</FONT></P>

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<TR>

   <TD width="50%"></TD>

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   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_312"></A>

<a name="_bclHeader312"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other receivables</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Concession and lease receivable amounts</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>49,390</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>42,724</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Judicial bonds</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5,988</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5,988</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Reduction to the recoverable value of judicial bonds</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(5,988)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(1,796)</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Other 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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>11,059</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>3,933</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Estimated losses for doubtful debts</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(d)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(1,602)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>58,847</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>50,849</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>8,879</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>3,222</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Non-current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>49,968</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>47,627</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="64%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts receivable from concession and lease in non-current assets correspond to a favorable decision in a process involving the Granting Authority over amounts paid in the monetary adjustment of quarterly concession and lease installments from October 1997 to April 2001 (Accumulated IGP-DI variation versus monthly IGP-DI variation). Confirmed on appeal, in accordance with a court decision issued on August 8, 2013, by the Superior Court of Justice in REsp 1254786/RJ. In June 2014, judgment was given in favor of MRS, through which the Judge of the 22th Federal Court of the Judiciary Section of Rio de Janeiro determined the payment of the undisputed amount of R$&nbsp;17,331, with the installment of the lease and concession that expired in July 2014 (see Note 21 of the 2014 financial statements). The proceeding is in the settlement process, and the decision was issued in October 2015, appointing an expert and calling on the parties to submit questions and indicate technical assistants. In January 2016, the Federal Government was notified of the decision, rejecting its appeal for the request for clarification regarding the decision that led to the expert investigation, pending review by the TRF/2 filed by the Federal Government against a decision that determined the investigation on the existence of a remaining value to be set off by MRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to the remaining balance of the judicial bonds purchased by the Company in 2010 and used in March 2011 to discharge ICMS RJ cash debts, less the reduction to the recoverable amount that in 2015 was 30% of the judicial bond balance. In 2016, the Company reassessed the recoverability of these bonds and accrued the loss of the remaining balance, increasing the provision by R$&nbsp;4,192 (R$&nbsp;1,796 in 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to amounts receivable resulting from the refund of social security contribution on the healthcare agreement, sale of scrap, maintenance service provision, rents and other amounts unrelated to the railway freight service</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to the formation of an estimated loss on doubtful debt, related to clients with lawsuits in progress to receive overdue credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Inventories</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Maintenance materials</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>85,813</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>93,001</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Material under recovery process</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,269</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,973</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Ongoing imports</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,025</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fuels </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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>8,998</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,846</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,537</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>805</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provision for loss by obsolescence</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(6,736)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(5,680)</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>91,906</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>101,356</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-26</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refer to the materials that will be used in the Company's own maintenance services, especially in locomotives, wagons and permanent way.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refer to the maintenance materials that will be recovered in order to be used again in the Company's operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refer to the provision for loss of some maintenance materials considered obsolete or of low turnover.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Taxes recoverable</FONT></B></H4>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Tax on movement of goods and services - ICMS</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90,660 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,527 </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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) Provision for loss of ICMS</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,100)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27,034)</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>PIS/COFINS recoverable</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,742 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,011 </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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Withholding income tax</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,322 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,229 </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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>IRPJ/CSLL recoverable</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 </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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 </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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167,360 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174,834 </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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,852 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,582 </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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Non-current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,508 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,252 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Mainly refer to credits arising from acquisitions of fixed assets and purchases of inputs, net of provision for loss of non-recoverable credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Mainly refer to fixed asset credits recoverable in 48 installments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to withholding income tax on financial investments and gains on derivative transactions -swap. As income is taxed only on the redemption of investments and winding-up of swaps, this amount includes the provision for tax at source on these operations.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The composition of ICMS credits in the states of Rio de Janeiro and S&#227;o Paulo, included in current assets, is shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS credit composition - current</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS - RJ </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>32,563</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>19,542</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS - SP </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>12,206</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>12,015</FONT></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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Current total</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>44,769</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>31,557</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The credit balance of R$&nbsp;44,769 will be used in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-27</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_314"></A>

<a name="_bclHeader314"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Prepaid expenses</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Lease advances</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>165,115</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>163,457</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Insurance</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>11,858</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,143</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Other prepaid expenses</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7,815</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,351</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>184,788</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>171,951</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>24,699</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>15,419</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Non-current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>160,089</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>156,532</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>The lease advances are appropriated to the cost of the services provided on the straight-line basis over the term of the leasing contract (360 months). The current installment comprises the amount of advances to be amortized in up to 365 days. In 2016, the amortized lease amount was R$&nbsp;8,817 (R$&nbsp;8,817 in 2015). Details of the operation are described in Note 21.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to prepayments of insurance and other prepaid obligations. The increase of R$&nbsp;9,715 is especially due to the renewal of operational risk insurance policy which expires on March 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other current and non-current assets</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The group of other current and non-current assets is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Court deposits</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>88,307</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>61,603</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Advances to third 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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7,452</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,853</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Audiovisual investment</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>551</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,422</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" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>96,310</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>69,878</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7pt">

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7,452</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,854</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="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Non-current</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>88,858</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>63,024</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Refers to appellate court deposits made to permit the court to allow an appeal under the law. They are monetarily restated and recorded in non-current assets until there is a final court decision. See further details in Note 23.1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Corresponds to advances granted to suppliers and employees such as vacation advance, vacation loan and other advances.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Represent the investments made for the production of Brazilian cinematographic audiovisual works, according to Law 8,685/93. The audiovisual investments are being amortized during the term of each cinematographic work.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-28</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Fixed assets</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>By their nature, fixed assets are comprised as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="65%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 34.5pt">

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Improvements on third parties properties</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Locomotives</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Wagons</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Construction in progress</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 34.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 34.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Cost</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>On January 1</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>3,428,265</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,561,030</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,266,756</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>483,871</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>561,810</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>9,301,732</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>8,492,691</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Additions&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>607,937</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>607,937</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>851,663</FONT></P></TD></TR>

<TR style="HEIGHT: 22.2pt">

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Transfers / Reclassifications </FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>442,121</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>75,660</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>87,821</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(637,353)</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>31,751</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 21.05pt">

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt; TEXT-INDENT: -3.6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Donation write-back (provision)</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>12,852</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(494)</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>12,358</FONT></P></TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 21.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(6,701)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Disposals</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(12,949)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(31,778)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(5,937)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(3,521)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(4,991)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(59,176)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(35,921)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>3,870,289</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,604,912</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,348,146</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>450,934</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>588,570</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>9,862,851</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>9,301,732</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Depreciation&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>On January 1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(1,114,420)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(1,025,884)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(748,138)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(266,333)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(3,154,775)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(2,676,962)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Additions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(243,687)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(129,392)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(127,652)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(49,945)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(550,676)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(502,405)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp; Disposals</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>200</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>16,081</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,099</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>3,732</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>22,112</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>24,592</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(1,357,907)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(1,139,195)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(873,691)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(312,546)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(3,683,339)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(3,154,775)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="34%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Net carrying value</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>2,512,382</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>1,465,717</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>1,474,455</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>450,934</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>276,024</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>6,179,512</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>6,146,957</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The details of fixed assets for 2015 are disclosed in Note 14 to the financial statements for 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Provision write-back</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amount of R$&nbsp;12,852 refers to the provision&nbsp; for real estate donation constituted in 2015, whose donations were made in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Disposals</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On October 14, 2016, MRS entered into a contract for the sale of 23 GE Dash-9 locomotives and parts to Vale S.A., six (6) of which were sold and delivered to Vale S.A. in 2016, causing a negative effect of R$&nbsp;15,191 in the fixed assets. The other 17 locomotives will be delivered in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Capitalized loan costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The capitalized loan costs in 2016 was R$&nbsp;29 (R$&nbsp;280 in 2015). The rate used to determine the cost amount of financing subject to capitalization was 10.5% per year (10.6% in 2015), representing the Company's average financing rate.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Construction in progress</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Construction in progress is primarily represented by expenditure incurred in the expansion, recovery and modernization of the permanent way, locomotives, wagons, and leased signaling and telecommunication systems, as well as the purchase of locomotives and wagon, which will be transferred to the final fixed asset account and depreciated from the date they are available to use. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-29</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Useful life review</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In compliance with IAS 16 - Property, Plant and Equipment, the Company annually reviews the economic life of its main assets. Thus, according to a technical report issued by EY CT Valuation, as well as publication in the Brazilian Federal Gazette of December 27, 2016, from January 2017 the life of some assets and components will be changed according to the table below:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Asset groups</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Years</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Immovable assets</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Improvements in the permanent way</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>9.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>8.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>12</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Locomotives</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Diesel locomotives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>4.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 6.9pt">

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Wagons</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp; Average life of components</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>16.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>20.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0.55pt; PADDING-RIGHT: 0.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The annual depreciation rates and lives of the main asset groups applied in 2016 are shown in Note 2.11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Certain fixed asset items are provided as security for loans and financing operations. The net carrying amount of these assets is R$&nbsp;2,446,023 (R$&nbsp;2,527,986 in 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Intangible assets</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>By their nature, intangible assets are comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Concession advance <BR>payment</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Computer systems and software</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Ongoing projects</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Cost</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>On January 1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>16,834</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>196,882</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5,487</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>219,203</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>209,118</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" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Additions</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>551</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5,382</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5,933</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>10,085</FONT></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" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Transfers</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>3,918</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(3,918)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 28.5pt">

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for asset losses</FONT></P></TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(546)</FONT></P></TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(546)</FONT></P></TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 28.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>At the end of the period</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>17,385</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>200,254</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>6,951</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>224,590</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>219,203</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>On January 1</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(8,482)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(167,641)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(176,123)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(159,669)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Additions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(444)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(12,093)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(12,537)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(16,454)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>At the end of the period</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,926)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(179,734)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(188,660)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(176,123)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Net carrying value</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>8,459</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>20,520</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>6,951</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>35,930</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>43,080</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The details of intangible assets for 2015 is disclosed in Note 15 to the financial statements for 2015.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-30</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_317"></A>

<a name="_bclHeader317"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The part that refers to the concession advance payment (concession fee) is appropriated to the cost of the services rendered over the term of the concession agreement (360 months). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The intangible assets amortization rate, excluding concession fee, was estimated at 20% per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>16.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Labor and social security obligations</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">&nbsp;</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>PSP - Profit Sharing Plan / Bonus</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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>67,303</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>65,099</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provision for Vacation and Christmas bonus </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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>30,023</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>30,148</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Wages payable</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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>27,423</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>15,223</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Social security</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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>13,349</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>17,483</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FGTS</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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,500</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,355</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="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>IRRF payable</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="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,379</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,323</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" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>12,692</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>13,171</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" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>159,669</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>148,802</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Tax obligations</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Income tax</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>102,442</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>30,240</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Social contribution tax</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>24,425</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>15,248</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>ICMS</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,785</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,775</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>COFINS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>14,287</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10,353</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>PIS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,752</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,178</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,918</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,434</FONT></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" vAlign=bottom width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>150,609</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>65,228</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<P></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-31</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_318"></A>

<a name="_bclHeader318"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Loans and financing</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Loans and financing are comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Local currency</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>BNDES:</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,322,467</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,633,498</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINEM</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>763,937</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>910,320</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>DULC</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>361,424</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>432,211</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINAME</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>197,106</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>290,967</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>BDMG</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(d)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>15,860</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>24,968</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINEP</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(e)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,397</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>8,635</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>19</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>24,877</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>34,932</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,368,601</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="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,702,033</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Transaction costs</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,037)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,373)</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,366,564</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,699,660</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Foreign currency</FONT></U></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Bank of Tokyo</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(f)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>244,682</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>586,490</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value hedge adjustment - Bank of Tokyo</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>19</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(721)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Ex-Im</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(g)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>63,456</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>109,809</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>307,417</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="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>696,299</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Transaction costs</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(590)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(1,149)</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>306,827</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>695,150</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Debentures</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(h)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5th Issue</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>214,721</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>319,738</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6th Issue</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>302,617</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>302,362</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7th Issue</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>673,063</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>631,258</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,190,401</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="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,253,358</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Transaction costs</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(34,261)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(8,973)</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,156,140</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,244,385</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Finance lease</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Computing Equipment</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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(i)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>317</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>317</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total loans and financing + transaction cost</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,829,848</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,639,195</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Current</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>653,491</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>876,843</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="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Non-current</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="8%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,176,357</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,762,352</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>FINEM operations, contracted with BNDES, have a nominal rate equal to the effective rate and are subject to TJLP charges plus spread of up to 3.41% per year or a fixed rate of 2.50% per year up to 5.50% per year. These funds shall be used to cover expenses aimed at reducing the number of accidents, improving the operational cycle and acquiring rolling stock, as well as building bridges, overpasses and underpasses, and social projects. During 2016, new </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>amounts borrowed totaled R$&nbsp;733. The final maturity of the contract is June 15, 2024. These operations are secured by commercial agreement receivables that represent at least 130% of debt service, chattel mortgage of financed assets, emerging rights and a restricted financial investment equivalent to 3 (three) financing installments payable.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-32</FONT></P>

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   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_319"></A>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>DULC direct operations with BNDES have a nominal rate equal to the effective rate and are subject to TJLP charges plus spread of up to 2.06% per year or fixed rate of 4.50% per year. The purpose of this operation is to finance logistical projects, expansion of the permanent way, modernization and recovery of assets, infrastructure reliability, and locomotive purchases as well as social projects. During 2016, new borrowings totaled R$&nbsp;22,169. The final maturity of the contract is June 15, 2023. The contract is secured by commercial agreement receivables that represent at least 130% of debt service, rights emerging from concession and restricted financial investment equivalent to 3 (three) financing installments payable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>FINAME , financing with BNDES resources, has a nominal rate equal to the effective rate and refers to the acquisition of wagons and locomotives, subject to TJLP charges plus spread equal to one TIR (internal rate of return) of 10.0% per year or a fixed rate of 5.50% per year. During 2016, new borrowings totaled R$&nbsp;6,719. The final maturity of the contract is January 15, 2021. These operations have as security the chattel mortgage of the financed assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The financing with the BDMG - Banco de Desenvolvimento de Minas Gerais - has a cost equal to the IPCA plus a fixed rate of 5.76% per year, with the purpose of acquiring equipment for the modernization of the railway network. The balance for 2016 refers to the release of the first installment of the loan in the amount of R$&nbsp;40,000 in 2011. This contract is secured by a letter of guarantee and final maturity is December 24, 2018. The other tranche, subject to the SELIC rate plus a fixed rate of 2.00% per year, ended in December 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The loan with FINEP - Financiadora de Estudos e Projetos, has a fixed nominal rate equal to the effective rate corresponding to 5.00% per year. The purpose of the operation was to finance the project, whose focus is the development of ecologically sustainable alternatives for the production and use of sleepers. This contract is secured by a letter of guarantee and the final maturity is August 15, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The financing with Bank of Tokyo has a fixed nominal rate equal to the effective rate corresponding to 3.05% per year. Contracted and disbursed in September 2013, this foreign currency transaction aimed to reinforce the Company's cash position for the increased investments made, as well as repay in advance, in September 2013, a funding via NCE (Export Credit Note), in order to lengthen the term of the debt and improve the Company's future repayment flow. The Company has given no collateral for this contract and the final maturity is March 18, 2019. The other financing agreed with Bank of Tokyo, disbursed in December 2011, was settled in December 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The financing with the US Export-Import Bank (Ex-Im) is subject to a nominal fixed rate of 3.30% per year. This operation, agreed in March 2009 and disbursed in April of the same year, had the purpose of purchasing 38 new locomotives, which constitute the collateral of the contract itself. Final maturity&nbsp; is March 25, 2019.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-33</FONT></P>

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<a name="_bclHeader320"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(h)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>Debentures:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>5th Issue</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>On July 18, 2012, Company issued R$&nbsp;300,000 in non-convertible debentures according to CVM instruction 476. The operation has the purpose of reinforcing working capital and lengthening the Company's debt profile. The debentures were issued in an indexed series according to the CDI variation plus a 0.9% surcharge, defined after the book building process, with interest paid semi-annually throughout the issuance period and annual repayments in the 4th, 5th and 6th year. On April 11, 2016, the General Meeting of Debenture Holders of MRS 5th Issuance of Debentures resolved for the early maturity of the Debentures, by changing the current item "XVIII" of clause 6.1.2 to the following: "(xviii) a downgrade in the Issuer's risk rating, during Debentures term of effectiveness for rating "A-" or lower (national scale) assigned by Standard and Poor's, unless approved by Debenture Holders representing seventy-five per cent (75%) of the outstanding Debentures, in a meeting, being assured to the debenture holder, who has voted in favor of the declaration of Debentures early maturity, the right to have their Debentures redeemed by the Issuer within a maximum term of sixty (60) days as of the date of knowledge of the event;" and repricing CDI variation + 0.90% for CDI variation + 2.50%, from April 20, 2016 until this issue's due date. Final maturity is July 18, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>6th Issue</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On December 10, 2013, the Company issued R$&nbsp;300,000 in debentures with the same characteristics and conditions of the 5<SUP>th</SUP> issue. In addition, on April 11, 2016, the General Meeting of Debenture Holders of MRS 6<SUP>th</SUP> Issuance of Debentures resolved for the early maturity of the Debentures, by changing the current item "XVII" of clause 7.1 Deed of Issue to the following: "XIII - downgrade in the Issuer's risk rating, during the term of effectiveness of Debentures, to "A-" (national scale) rating or lower, assigned by the Risk Rating Agency, unless approved by Debenture Holders representing 2/3 (two-thirds) of the Outstanding Debentures, in a General Meeting of Debenture Holders;" and repricing CDI variation + 0.90% for CDI variation + 2.90%, from April 20, 2016 to the issue expiration date. Final maturity is December 10, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>7th Issue</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>On February 15, 2015, the Company issued R$&nbsp;550,726 in debentures, of which R$&nbsp;336,340 related to the 1<SUP>st</SUP> issue series and R$&nbsp;214,386 related to the 2<SUP>nd</SUP> issue series. Due to the issue value correction provided in the deed, between the issue date and the settlement date, the total disbursed was R$&nbsp;555,003.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The issuance occurred pursuant to CVM Instruction 400, and 550,726 simple, non-convertible in shares, unsecured debentures with a unit value of R$&nbsp;1 were issued. The proceeds from the issuance shall be used in full to finance the revitalization projects of the permanent way and expansion of the approved Communication-Based Train Control (CBTC) project, and considered priority by the Ministry of Transport, which is why the debentures have a tax exemption benefit according to Law 12,431.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On April 6, 2016, the General Meeting of Debenture Holders of MRS 7th issue of Debentures resolved not to demand acceleration of the Debentures, and provided a waiver for the Debentures having their risk rating lowered by two notches, in relation to the Debenture risk classification on the issue date, until February 15, 2024 and payment of premium (flat), incident on the unit nominal value duly updated, equivalent to 4.35% for the 1st Series of Debentures and 5.35% for the 2nd Series of debentures. The premiums were paid on April 15, 2016, based on the unit nominal value updated on April 14, 2016.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-34</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The first series of this issue will mature in 7 years and is subject to the IPCA + 5.9828% per year. The second series of the issue will mature in 10 years and its interest rate is IPCA + 6.4277% per year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>All debentures issued have unsecured guarantees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>Finance lease:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The lease agreement signed in October 2016 and classified as financial is related to the purchase of Data Center infrastructure equipment. The said finance lease agreement has a purchase option at the end of its term.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Cost</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Accumulated Depreciation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Data center Equipment</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=Georgia>329</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=Georgia>-</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=Georgia>329</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=Georgia>-</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>329</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>329</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia>The present value and minimum future payments are:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Years</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Present value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Future value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2017</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=Georgia>155</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=Georgia>189</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2018 to 2022</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>162</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>173</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" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>After 2022</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>317</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>362</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm 4pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Repayments of non-current debt are scheduled as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>After</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6.4pt">

   <TD style="HEIGHT: 6.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>

   <TD style="HEIGHT: 6.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>FINAME</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>59,536</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>37,036</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,450</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,503</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>102,525</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>DULC</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>101,508</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>58,337</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>32,479</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>66,504</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>258,828</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>FINEM</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>149,645</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>149,645</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>142,443</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>171,339</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>613,072</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>200,021</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>100,000</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>638,557</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>938,578</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>BDMG</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7,919</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7,919</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>FINEP</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,154</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,154</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Bank of Tokyo</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>165,569</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>82,784</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>248,353</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Ex-Im</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>28,193</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7,048</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>35,241</FONT></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" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Finance lease</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>162</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>162</FONT></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" vAlign=bottom width="36%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>714,707</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>434,850</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>178,372</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>878,903</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,206,832</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-35</FONT></P>

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   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_322"></A>

<a name="_bclHeader322"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In December 2016, transaction costs of fund raising were represented as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Total</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" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>After 2020</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current and non-current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>DULC</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="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>156</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>145</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>137</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>132</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>279</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>693</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>849</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="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINEM</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="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>250</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>243</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>237</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>232</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>214</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>926</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,176</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="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINAME</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="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>8</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>11</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="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Debentures</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="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,631</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,875</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,115</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,324</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10,316</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>28,630</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>34,261</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" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Ex-Im</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="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>373</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>191</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>27</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>218</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>591</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" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,413</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,457</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,518</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,690</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10,810</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>30,475</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>36,888</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On December 31, 2016 and 2015, the amount of transaction costs incurred in each fund raising process was as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINEM</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>733</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>192,920</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) fund raising costs</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>% costs/Amount of fund raising</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>0.0%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="74%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>DULC</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>22,169</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>61,084</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) fund raising costs</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(673)</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>% costs/Amount of fund raising</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-1.10%</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="74%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>FINAME</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,719</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) fund raising costs</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(7)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>% costs/Amount of fund raising</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-0.1%</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" color=black face=Georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Debentures 7<SUP>th</SUP> issue</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" color=black face=Georgia>-</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" color=black face=Georgia>555,003</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) fund raising costs</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" color=black face=Georgia>-</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" color=black face=Georgia>(8,614)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>% costs/Amount of fund raising</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" color=black face=Georgia>-</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" color=black face=Georgia>-1.55%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Debentures 7th issue (waiver fee)(j)</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" color=black face=Georgia>-</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" color=black face=Georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) fund raising costs</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" color=black face=Georgia>(29,568)</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" color=black face=Georgia>-</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(j)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;See Note 18 (h).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial restrictive conditions (covenants)</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Loan and financing agreements have restrictive covenants related to the maintenance of certain financial indexes. The covenants' restrictive conditions remain unchanged compared to 2015 and all covenants were met on December 31, 2016 and 2015. The debentures issued by the Company also have restrictive covenants related to the maintenance of certain financial indexes as well as maintenance of minimum risk rating assigned by Standard and Poor's, and all covenants were met on December 31, 2016.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-36</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Derivative financial instruments</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Operations with financial instruments</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The calculation of the fair value of cash equivalents and restricted cash is as follows: for applications with maturity of less than or equal to 60 days, the fair value is considered as the original value itself. If the maturity exceeds 60 days, the fair value is calculated at the interest rate agreed until the maturity, and discounted at a higher rate equivalent to 110% of the contracted rate, representing a penalty for any investment redemption during the non-liquidity period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>For loans and financing that have public market quotations with a reference interest rate, cash flow is calculated to maturity based on the contractual rate and then discounted at &nbsp;the current rate obtained from the public source. For loans and financing without a public interest rate source, after the flow is calculated to maturity at the contractual rate, it is discounted at the interest rate obtained from transactions similar in terms of risk and time. In case of any difficulties to identify comparable financing, the discount rate may be determined by consulting with financial institutions.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 4pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The following table shows book amounts of all transactions with financial instruments of the Company that differ from their fair value: </FONT></P>

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<TR style="HEIGHT: 15.75pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2016</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="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Book value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Fair value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Book value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>. </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Fair value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Liabilities</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Loans and financing in foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>307,417</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>308,517</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>696,299</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>699,992</FONT></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" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>307,417</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>308,517</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>696,299</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>699,992</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" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The fair value calculation of loans considers the market quotation of the respective operations, except those that (i) do not have a reference market or (ii) whose liquidation (redemption value) can be made without penalty. For these cases, the fair value is equal to the value in the curve.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-37</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Classification of financial instruments</FONT></U></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The following table shows book amounts of all transactions with financial instruments of the Company and their respective classification:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="43%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Derivatives used for hedge</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Loans and receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Loans and receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>296,099</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>296,099</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>7,834</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>619,791</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>627,625</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>49,065</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>49,065</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>43,850</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>43,850</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>87,566</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>87,566</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>74,095</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>74,095</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>298,747</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>298,747</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>199,709</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>199,709</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Gains on transactions with derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>85,522</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>85,522</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>269,633</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>269,633</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>85,522</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>731,477</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>816,999</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>277,467</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>937,445</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,214,912</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="43%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Derivatives used for hedge</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Other financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Other financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>241,261</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>241,261</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>251,222</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>251,222</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>19,334</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>19,334</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>18,966</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>18,966</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Loans and financing in R$</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,343,724</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,343,724</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,667,101</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,667,101</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Loans and financing in USD</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>308,138</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>308,138</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>696,299</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>696,299</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,190,401</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,190,401</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,253,358</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>1,253,358</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Losses on transactions with derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>21,924</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2,953</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>24,877</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>34,932</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>34,932</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair value hedge adjustment - Bank of Tokyo</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>(721)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>(721)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>21,203</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>2,953</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3,102,858</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3,127,014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>34,932</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3,886,946</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>3,921,878</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Derivative financial instruments</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has derivative financial instruments to protect itself from risks related to foreign currency and interest rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The derivative financial instruments are initially recognized at the fair value on the date the derivatives contract is signed, and remeasured thereafter at the fair value. The derivatives are presented as financial assets when the instrument's fair value is positive, and as financial liabilities when the fair value is negative. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>While derivative transactions are intended to protect the Company from any oscillations arising from its exposure to market risks, it was decided not to adopt the hedge accounting methodology for most of the operations.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>However, as mentioned in Note 2.7, since April 1, 2016, the Company chose to designate a <BR>cross-currency swap as a Fair Value Hedge, protecting thus the fair value of the hedged item, which is the debt contracted with Bank of Tokyo in September 2013. Swap operations, which, on December 31, 2016, showed a receivable net balance of R$&nbsp;60,645 (R$234,701 in 2015), were accounted for as income.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company documented such hedge as a Fair Value Hedges after the tests showed that it is expected that the hedge is highly effective in offsetting the changes in fair value of the hedged item.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>From the swap designation as a Fair Value Hedge, the variation of the hedge fair value is still registered in the financial statements, but at the same time the variation of the designated risk fair value, subject of the hedge, is calculated and registered in the liabilities against the financial result.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair Value Hedge Object</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Debt</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=Georgia>244,682</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=Georgia>293,183</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value hedge adjustment</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=Georgia>(721)</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=Georgia>-</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Impact on Financial Result</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial income</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value hedge adjustment</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=Georgia>1,921</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=Georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial expense</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value hedge adjustment</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=Georgia>(1,200)</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=Georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net financial income</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=Georgia>721</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=Georgia>-</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 39.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Derivative designated for Fair Value Hedge accounting</FONT></B></P></TD>

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   <TD style="HEIGHT: 39.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Reference amount (notional)</FONT></B></P></TD>

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   <TD style="HEIGHT: 39.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Fair value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Contract type</FONT></B></P></TD>

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   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD>

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   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Swap contracts</FONT></P></TD>

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   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Asset position</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Fixed Dollar (fixed Dollar for CDI real)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>169,680</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>247,595</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Liability position</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>CDI Real (fixed Dollar for CDI real)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>169,680</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(172,774)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Total swap contracts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>72,821</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Income tax provision on swap gains</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(11,223)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Total income net swap contracts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>63,598</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Classified</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>In non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>85,522</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>In current liabilities (Loans and financing)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(21,924)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>63,598</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-39</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 30pt">

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Undesignated derivatives</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Reference amount (notional)</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Contract type</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Hedge contracts</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Asset position</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Fixed Dollar (fixed Dollar for CDI real)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>62,701</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411,185</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>62,350</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>698,815</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Liability position</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>CDI Real (fixed Dollar for CDI real)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>62,701</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411,185</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(65,303)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(421,945)</FONT></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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 19.25pt">

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Total hedge contracts</FONT></P></TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 19.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,953)</FONT></P></TD>

   <TD style="HEIGHT: 19.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 19.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>276,870</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Income tax provision on hedge gains</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(42,169)</FONT></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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt 24.8pt; TEXT-INDENT: -14.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Total income on net hedge contracts</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,953)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>234,701</FONT></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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>Classified</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>In current assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>136,577</FONT></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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>In non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>133,056</FONT></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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -0.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Georgia>In current liabilities (Loans and financing)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,953)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(34,932)</FONT></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" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,953)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>234,701</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has only swap derivative instruments. As for the swap asset leg, tied to a fixed rate plus U.S. dollar exchange variation, the amount is calculated at the agreed rate up to the maturity date and then discounted at the current rate corresponding to the remaining term between maturity and present date. Finally, the amount resulting from this calculation is converted at the current exchange rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>For the liability leg, which is tied to a given CDI percentage, the value is calculated up to the maturity date by applying such percentage. Then this value is discounted at 100% of the CDI rate to the present date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-40</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Description</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notional value</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Fair <BR>value</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Maturities</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notional value</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Fair <BR>value</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Maturities</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Swap contracts</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Asset position</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Mar/17</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Mar/16</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>232,381</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>309,945</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>to</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411,185</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>698,815</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>to</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Liability position</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Mar/19</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Mar/19</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Rates (fixed)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>232,381</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>238,077</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411,185</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>421,945</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's derivative financial instruments are with the following counterparties:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 63.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Entity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>MRS Receives</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>MRS Pays</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Start Date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Maturity Date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Contracted Notional Value (USD)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair Value 2016 (R$) Asset Leg</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Fair Value 2016 (R$) Liability Leg</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 63.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Gain (loss) (R$) Asset - Liability (*)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="HEIGHT: 9.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=bottom width="42%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Swap contracts</FONT></B></P></TD>

   <TD style="HEIGHT: 9.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Santander</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" rowSpan=4 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>USD + 2.07%p.a. to&nbsp; 3.49%p.a.</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" rowSpan=4 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>100% to 108% of CDI</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Dec/28/16</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Jun/26/17</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>7,700</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>25,126</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>25,601</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(475)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Ita&#250;</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Dec/29/16</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Dec/25/17</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>3,900</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>12,672</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>12,681</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(9)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Banco do Brasil</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Jun/27/16</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Mar/27/17</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>7,450</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>24,552</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>27,021</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>(2,469)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Bank of Tokyo</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Dec/18/13</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Mar/15/19</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>75,000</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>247,595</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>172,774</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>74,821</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>94,050</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>309,945</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>238,077</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>71,868</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(*) Amounts gross of Withholding Income Tax of R$11,223, totaling a net derivative position of R$60,645.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19.1. Fair value hierarchy </FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company uses the following hierarchy to determine and disclose the financial instruments fair value:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: -18pt"><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=Georgia>Level 1: Financial instruments that have data from an active market (unadjusted quoted price) with daily accessibility, including at the fair value measurement date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: -18pt"><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=Georgia>Level 2: Financial instruments that have data derived from an active market (unadjusted quoted price) not included in Level 1, extracted from a pricing model based on observable market data.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: -18pt"><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=Georgia>Level 3: The instruments classified as being Level 3 are those whose valuations extracted from a pricing model based on non-observable data.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's derivative financial instruments, having a receivable net balance of R$60,645 on December 31, 2016, as well as the financial instruments linked to cash (including cash, cash equivalents and restricted cash) have been classified as Level 2 in the fair value hierarchy. There are no financial instruments rated as Level 3 or Level 1 held by the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>During 2016, there were no transfers between levels. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-41</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.6pt">

   <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="HEIGHT: 14.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Level</FONT></B></P></TD>

   <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Level</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" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Assets (Liabilities)</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="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></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" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Derivative financial instruments - assets</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>85,522</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>269,633</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Derivative financial instruments - liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(24,877)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(34,932)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>296,099</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>627,625</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>49,065</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>43,850</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>87,566</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(*)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>74,095</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(*)</FONT></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" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Related parties</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>298,747</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(*)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>199,709</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(*)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(*) There is no level rating for these financial instruments in the fair value hierarchy.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19.2.&nbsp;&nbsp; Objectives and policies for the financial risk management</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's main financial liabilities that are not derivatives, since they refer to loans, trade accounts payable and other accounts payable. These financial liabilities are mostly intended to raise funds for the Company's operations. The Company has loans and other credits, trade accounts receivable and other accounts receivable, cash deposits and short-term deposits that result directly from its operations, and also contracts transactions with derivatives.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company is exposed to market risk, credit risk and liquidity risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Senior management oversees the management of these risks, supported by a finance committee of the Board of Directors, thus contributing to maintain a financial risk governance structure suitable for the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The finance committee recommends actions to the Company's senior management so that activities related to financial risks are governed by appropriate policies and procedures approved by the Board of Directors. All activities involving derivatives are aimed at managing risks, and there are no derivative transactions for speculative purposes. The financial risk management policy is reviewed and approved by the Board of Directors on an annual basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The finance committee reviews and establishes a management policy for each risk, intended mainly to reduce any unexpected financial or economic situation that may impact the Company's results for its planned cash flow. As a second purpose, we seek to minimize the likelihood of: (i) unforeseen requirement of additional fund raising; and (ii) MRS breaching financial covenants previously assumed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>As a key risk management mechanism, internal controls used by the Company's management are focused on monitoring the percentage of debt in foreign currency that is currently protected by derivative financial instruments. For this reason, most of the Company's exposure to foreign exchange risk has been covered by swap contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Additionally, the Company not only monitors the results of these transactions at their fair value, but also simulates deterioration scenarios for relevant market variables, evaluating stress situations and their respective financial impact.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -1cm">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-42</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19.3. Policy for use of derivative financial instruments </FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's policy is to mitigate its exposure to market risks, seeking to reduce the financial impact of exchange rate and interest rate fluctuations. This policy is implemented by strategically monitoring assets and liabilities exposed to such variables, along with using derivative operations that allow controlling the risks involved.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Derivative transactions basically occur through an exchange rate swap versus CDI percentage, all of them with a first-class bank as a counterparty and involving fixed rates in foreign currency, with no margin deposit as collateral. It is noteworthy that all the derivative contracts are intended to reduce risk exposure and are not speculative in nature.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19.4. Market risk</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Market risk is the risk that the future cash flow fair value of a financial instrument has of fluctuating due to market price variations. Market prices comprise three types of risk: interest rate risk, exchange rate risk, and price risk, which may be of commodities or shares, among others, which will be detailed below. Financial instruments affected by market risk include loans payable, deposits, financial instruments available for sale and measured at fair value through profit or loss, and derivative financial instruments.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Interest rate risk</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The interest rate risk arises from the possibility of the Company being subject to financial losses caused by changes in interest rates to which it is exposed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has significant liabilities subject to local floating interest rates such as CDI, TJLP - Long-Term Interest Rate and IPCA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The risks associated with CDI, TJLP and IPCA are assessed by sensitivity analysis, where rates are increased by 25% (scenario 1) and 50% (scenario II) against the rates of the likely scenario adopted by the Company, by using market forecasts for 2017 based on the FOCUS market report published by the Central Bank of Brazil, and TJLP, on December 31, 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In the table below, note that, on the base date of December 31, 2016, the increase of 50% both in CDI and TJLP (scenario II) represents a loss lower than 5% (5% in 2015) and increased Net Liability Position of about R$&nbsp;60,350 (R$&nbsp;74,700 in 2015) when compared to the likely scenario, which is why the Company opted to not use derivative instruments to minimize such exposure.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-43</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In millions of reais</FONT></I></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Base</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Likely 2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Scenario I</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Scenario II</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>CDI</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>13.63%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>11.44%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>14.31%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>17.17%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>TJLP</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7.50%</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="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7.50%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>9.38%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>11.25%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>IPCA</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6.29%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>4.87%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6.09%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7.31%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Liabilities</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,973.1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,100.7</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,140.1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,179.5</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>TJLP Debt</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>528.8</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>536.4</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>545.8</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>555.3</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>CDI Debt</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>517.3</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="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>576.5</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="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>591.3</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>606.1</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>IPCA Debt</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>688.9</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="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>722.5</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="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>730.9</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>739.2</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>CDI Swap Liability Leg</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>238.1</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="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>265.3</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="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>272.1</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>278.9</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>321.6</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>358.4</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>367.6</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>376.8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Financial applications</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>321.6</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="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>358.4</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="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>367.6</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="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>376.8</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4.35pt">

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Net exposed position</FONT></U></B></P></TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,651.5</FONT></B></P></TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,742.3</FONT></B></P></TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,772.5</FONT></B></P></TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,802.7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4.35pt">

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14.99%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13.99%">&nbsp;</TD>

   <TD style="HEIGHT: 4.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Book value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fixed rate instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial assets</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.35pt">

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 10.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>793,992</FONT></P></TD>

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 10.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>970,503</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>793,992</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>970,503</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="78%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Floating rate instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial assets</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>345,164</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>671,475</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,047,867</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,646,255</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,393,031</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,317,730</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Exchange rate risk </FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company's results are subject to significant variations due to the volatility effects of exchange rates on liabilities in a currency other than its functional currency. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Especially the exposure to currency risk (exchange rate risk) is concentrated on purchases and loans made primarily in US dollar, which closed 2016 with devaluation of 16.87% (47.01% in 2015) against the real.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-44</FONT></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_331"></A>

<a name="_bclHeader331"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Foreign currency assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Ongoing imports</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,025</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>411</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Advances to suppliers</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="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>82</FONT></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Swap financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>309,945</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>698,815</FONT></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" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>310,970</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>699,308</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Foreign currency liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(18,505)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(38,432)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(307,417)</FONT></P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(696,299)</FONT></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" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(325,922)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(734,731)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Net exposure</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(14,952)</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(35,423)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Below is presented the variations on the Company's assets and liabilities linked to the exchange rate arising from applying stress scenarios. It was decided to keep the asset leg of the swap separate so as to make more evident the effect on derivatives. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The following sensitivity analysis refers to the position on December 31, 2016, and seeks to simulate how stress risk variables can affect the Company. The first step was to identify the key factors that may potentially generate losses for results, which is comprised of the exchange rate. The analysis started from a base scenario represented by the book amount of operations i.e. taking into account the selling rate of December 31, 2016, and interest accrued to that date. Moreover, three scenarios were drawn up, I, II and III, representing, respectively, the likely scenario and potential 25% and 50% deterioration scenarios in risk variable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>To conduct this analysis, the Company uses as a basis for the probable scenario the exchange rate at the end of 2017, disclosed in the latest Focus - Bacen Report prior to year-end. Based on the likely exchange rate, the 25% and 50% risk deterioration scenarios are produced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The following tables represent the sensitivity analysis showing the net effect resulting from these stress factors in exchange rates for years 2016 and 2015, respectively.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Dollar Appreciation Risk - 2017</FONT></U></B></P></TD>

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   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=2>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$&nbsp;Millions</FONT></I></P></TD>

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<TR style="HEIGHT: 24pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Transaction </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Likely Scenario I </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Scenario II </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Scenario III </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Hedge - Swap Asset Leg </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" color=black face=Georgia>21.0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>82.7</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>165.5</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;Debt in USD </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" color=black face=Georgia>(20.8)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(82.1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(164.1)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;Net Operation Increased Risk USD&nbsp; </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>0.2</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>0.6</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.4</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD></TR>

<TR>

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   <TD width="12%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-45</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Exposure</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Likely Exposure</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Real</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Expected Rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Impact</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(R$&nbsp;Millions)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>&nbsp;(R$&nbsp;Millions)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=red face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>25%</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>50%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Swap Asset Leg in Dollars</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>310</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>331</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>3.2591</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>3.48</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>4.35</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5.22</FONT></P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Debt in Dollars</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(307)</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(328)</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>3.2591</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>3.48</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>4.35</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5.22</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>These transactions are primarily made in Real and Dollar.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Credit risk</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Refers to the possibility of the Company incurring losses due to default by any counterparty or financial institution in which it deposits resources or financial investments. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In order to mitigate these risks, the Company adopts as a practice the analysis of the financial and equity situation of its counterparties, as well as defining the credit limits and constantly monitoring outstanding accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>296,099</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>627,625</FONT></P></TD></TR>

<TR style="HEIGHT: 10.65pt">

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>49,065</FONT></P></TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>43,850</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>87,566</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>74,095</FONT></P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Related parties</FONT></P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>298,747</FONT></P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>199,709</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="HEIGHT: 10.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 10.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>85,522</FONT></P></TD>

   <TD style="HEIGHT: 10.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 10.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>269,633</FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>816,999</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,214,912</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36.2pt; TEXT-INDENT: -18pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Receivables</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has accounts receivable concentrated in some big customers, which are also its related parties (Note 8), representing, on December 31, 2016, 77.33% of the total accounts receivable (72.94% in 2015). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Such customers require transportation of cargo considered "captive" and have the same credit policy, determined in their service agreements. For such customers, the credit risk is relatively low due to the mitigating procedures defined in the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>For customers with transportation of cargo not "captive", the Company adopts the credit policies determined by its management, which aim to reduce problems arising from customer default. In these cases, the Company performs a daily management of credit and collection. In case of default, the collection is carried out with the direct involvement of managers responsible for the commercial agreements and may even result in the temporary suspension of service provision.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 37.8pt; TEXT-INDENT: -19.6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial instruments and cash deposits</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company is subject to credit risk associated with the financial investments that it makes, in view of the risk of insolvency of the institutions where the Company keeps its investments, which may result in a total or partial loss of the invested funds.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> On December 31, 2016, the exposure in cash and cash equivalents of the Company was R$&nbsp;296,099 (R$&nbsp;627,625 in 2015), which were held in bank accounts, applications in CDB or operations that had a formal commitment of repurchase by financial institutions.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left>&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-46</FONT></P>

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<a name="_bclHeader333"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Liquidity risk </FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company's operations are capital-intensive and part of such investment is financed by loans and financing. This leverage, as shown in the table below, generates a need for cash, but the Company's investment is highly feasible and it is possible to make adjustments throughout the year as the business evolves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company's current cash position is considered robust and, throughout 2017, will be reinforced both from strong cash generation and new long-term funding via the financial market and BNDES, which is already internally directed and strategically distributed both in the first and second halves of 2017. These resources will cover part of the estimated amount of investments for the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company currently has long-term financing lines already approved by financial institutions. However, due to the comfortable cash position and resilient cash generation, Management evaluates internally the best time at which to draw down such funding.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The table below summarizes the Company's maturity profile of financial liabilities on December 31, 2016, based on undiscounted contractual payments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="81%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Expected Cash Flow</FONT></B></P></TD></TR>

<TR style="HEIGHT: 30.5pt">

   <TD style="HEIGHT: 30.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Balance 2016</FONT></B></P></TD>

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   <TD style="HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Up to 6 months</FONT></B></P></TD>

   <TD style="HEIGHT: 30.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=center>&nbsp;</TD>

   <TD style="HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>6 - 12 months</FONT></B></P></TD>

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   <TD style="HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1 - 2 years</FONT></B></P></TD>

   <TD style="HEIGHT: 30.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2 - 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 30.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>More than 5 years</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Non-derivative financial liabilities (assets)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Loans, financing and debentures (R$)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,791,025</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193,624 </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390,731 </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714,558 </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943,522 </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548,590 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="99%" colSpan=11>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Derivative financial liabilities (assets)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Swap</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>s used for </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>hedge </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(USD)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(60,645)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,944</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10,971</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>10,962</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(85,522)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="81%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Expected Cash Flow</FONT></B></P></TD></TR>

<TR style="HEIGHT: 36.75pt">

   <TD style="HEIGHT: 36.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Balance 2015</FONT></B></P></TD>

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   <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Up to 6 months</FONT></B></P></TD>

   <TD style="HEIGHT: 36.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=center>&nbsp;</TD>

   <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>6 - 12 months</FONT></B></P></TD>

   <TD style="HEIGHT: 36.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=center>&nbsp;</TD>

   <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1 - 2 years</FONT></B></P></TD>

   <TD style="HEIGHT: 36.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2 - 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>More than 5 years</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="99%" colSpan=11>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Non-derivative financial liabilities (assets)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Loans, financing and debentures (R$)</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,558,432</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>196,404</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>589,566</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>582,881</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>742,899</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,446,682</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" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="99%" colSpan=11>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Derivative financial liabilities (assets)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Swap</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>s used for </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>hedge </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(USD)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(234,701)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(1,401)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(132,702)</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(100,598)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>It is worth mentioning that the non-derivative financial liabilities that have some sort of collateral are detailed in Note 18. Derivative financial liabilities do not have any type of guarantee.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Georgia></FONT></I>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-47</FONT></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_334"></A>

<a name="_bclHeader334"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Georgia>Capital management</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Management's policy is to maintain a solid capital base to warrant investor, creditor and market trust and to ensure the future development of the business. Management monitors the return on invested capital considering the results of economic activities in operational segments. The aim is to achieve a return compatible with its capital cost annually reviewed through the concept of Weighted Average Cost of Capital. Management also monitors the level of dividends paid to common and preferred shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The debt to equity ratio at the end of the year is presented below:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,269,997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,938,844</FONT></P></TD></TR>

<TR style="HEIGHT: 10.65pt">

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(-) Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>296,099</FONT></P></TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>627,625</FONT></P></TD></TR>

<TR style="HEIGHT: 8.7pt">

   <TD style="HEIGHT: 8.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(-) Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 8.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>49,065</FONT></P></TD>

   <TD style="HEIGHT: 8.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>43,850</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Net debt</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,924,833</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,267,369</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,302,808</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,984,124</FONT></P></TD></TR>

<TR style="HEIGHT: 5.85pt">

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Debt to equity ratio</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.1883</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.4300</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Dividends payable</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company's bylaws provide for a minimum annual dividend consisting of 25% of the net profit, calculated according to corporate legislation.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417,545 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>295,798</FONT></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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Appropriation to reserves</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,877)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(14,790)</FONT></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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Base net profit for determining dividend</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396,668 </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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>281,008</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" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Minimum mandatory dividends - 25%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,167 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>70,252</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Dividends payable from previous years</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>146</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total dividends payable</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,261 </FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>70,398</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-48</FONT></P>

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<TR>

   <TD width="50%"></TD>

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   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_335"></A>

<a name="_bclHeader335"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Concession and lease payable</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" 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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Concession payable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,810</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,525</FONT></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" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Lease payable</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>129,381</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>123,969</FONT></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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>136,191</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>130,494</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" vAlign=bottom width="74%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>67,803</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>61,785</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>68,388</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>68,709</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>These payables refer to the recognition of obligations to be paid for the concession and lease incurred up to the balance sheet date. The current liabilities are recorded on the straight-line accrual basis, over the period of the agreement (360 months) and charged to costs of services. The recorded amount in non-current liabilities refers to the grace period which was recognized according to the accrual basis and is being settled in each of the installments paid quarterly.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The concession and lease agreements are enforceable in nature and provide that for the operation of railway transportation services and leasing of network and material used for the provision of these services, the Company will pay the total of 116 quarterly installments, due in the months of January, April, July and October of each year. On December 31, 2016, 39 quarterly installments of R$&nbsp;84,269, totaling R$&nbsp;3,288,491, remained. These amounts include the contractual interest of 10% p.a. and monetary restatement up to December 31, 2016, based on the latest contractual index, the IGP-DI - General Price Index - Internal Availability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The flow of future payments of concession and lease is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>In up to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Concession</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>16,852</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>84,260</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>63,195</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>164,307</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Lease</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>320,224</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,601,120</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,200,840</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,122,184</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>337,076</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,685,380</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,264,035</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,286,491</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In January 2017, the Company paid the 78<SUP>th</SUP> installment of the lease and concession, amounting to R$&nbsp;84,269 (R$&nbsp;80,056 and R$&nbsp;4,213, respectively).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-49</FONT></P>

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<TR>

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   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_336"></A>

<a name="_bclHeader336"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Income tax and social contribution</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Taxes on profit</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.1pt">

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>661,147</FONT></B></P></TD>

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>451,738</FONT></B></P></TD>

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 19.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>575,657</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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Standard tax rates</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>34%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>34%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>34%</FONT></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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IRPJ/CSLL at standard rates</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>224,790</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>153,591</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>195,723</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Adjustments to reflect effective rate</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>18,812</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,349</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,173</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Inventory adjustment</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,910</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(167)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,960</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Donation expenses</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>4,374</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>352</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>531</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Loss on audiovisual investment</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>296</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>355</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>145</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Citizen Project expenses</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>337</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>123</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>164</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Executive board bonus</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,435</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,736</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,022</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Tax incentives (PAT, Rouanet, FIA, Sports, Audio Visual)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(11,716)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(5,166)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(6,100)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Non-deductible write-off of bonds </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>14,419</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,757</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,116</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,451</FONT></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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IRPJ/CSLL in the results for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>243,602</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>155,940</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>196,896</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" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>297,221</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>123,208</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>149,484</FONT></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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Deferred</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(53,619)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>32,732</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>47,412</FONT></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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IRPJ/CSLL in the results for the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>243,602</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>155,940</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>196,896</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" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total effective tax rate</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>36.85%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>34.52%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>34.21%</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="62%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total effective tax rate - current</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>44.96%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>27.27%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>25.97%</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="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total effective tax rate - deferred</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-8.11%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>7.25%</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>8.24%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-50</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Deferred income tax and social contribution</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Deferred tax balances recorded in assets and liabilities were calculated on temporary differences and are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 10.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 10.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>IRPJ/CSLL</FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>IRPJ/CSLL</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Contingency provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>105,952</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>83,287</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Various provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>22,577</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>47,101</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Asset loss provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,000</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>8,280</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS loss provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10,574</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>9,192</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Health insurance liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,088</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>863</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>86</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>113</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total assets</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>146,277</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>148,836</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>245,589</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>230,874</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Wagons and locomotives - accelerated depreciation </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>109,374</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>105,427</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Interest capitalization</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>26,483</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>29,079</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>23,711</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>93,554</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt 7.2pt; TEXT-INDENT: -7.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Accelerated R&amp;D depreciation 2008 / 2009 / 2012 Law 11,196/05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7,561</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>9,923</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Actuarial liability gain on health insurance</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,348</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,685</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>396</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>435</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total liabilities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>416,462</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>472,977</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Total, net</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>270,185</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>324,141</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Deferred income tax and social contribution on temporary differences are expected to be used upon settlement of contingencies and other deductible temporary differences.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amount of R$&nbsp;416,462 (R$&nbsp;472,977 in 2015)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>referring to the deferred liability includes the balance of the RTT - Transitory Tax System adjustments. Due to such adjustments, the Company recorded deferred IRPJ/CSLL on differences between corporate and tax bases, in the amount of R$ 241,001, which is being amortized for the remaining term of the concession agreement in accordance with the rules provided for in Article 69 of Law 12,793/14 and 174 of Normative Instruction RFB 1515/14.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amortized value in 2016 was</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>R$&nbsp;20,224 (R$&nbsp;20,224 in 2015), representing a balance of</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>R$&nbsp;200,553 in December 2016 (R$ 220,777 in 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-51</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The net movement of the deferred tax account is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" 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="75%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On January 1</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>324,141</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>291,747</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Contingency provisions</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(22,665)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(40,492)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Various provisions</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>24,524</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(11,025)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Health insurance provisions</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(225)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>24</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Asset loss </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>provisions</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,280</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(1,640)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS loss provisions</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(1,382)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(7,297)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Depreciation</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>14,715</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>25,836</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Wagons and locomotives - accelerated depreciation</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,947</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>9,002</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Interest capitalization</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(2,596)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(2,511)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(69,843)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>63,131</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Actuarial liability gain on health insurance</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(337)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(338)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Accelerated R&amp;D depreciation 2008/2009/2012 <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Law 11,196/05</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(2,362)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(2,268)</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="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</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="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(12)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(28)</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" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>270,185</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>324,141</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Provisions</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provisions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> consisted of the following:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 27pt">

   <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 27pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 27pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provisions for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>23.1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>311,623</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>244,961</FONT></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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provisions for post-employment benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>23.2</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,616</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,320</FONT></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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ILP provisions (Long-term incentives)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>11,656</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>6,214</FONT></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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Provisions for railway accidents</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,779</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,434</FONT></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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>18,657</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>18,289</FONT></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" vAlign=bottom width="64%">&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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>347,331</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>276,218</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>24,664</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>23,488</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>322,667</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>252,730</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-52</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_339"></A>

<a name="_bclHeader339"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>23.1 Provisions for contingencies</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Provisions for contingent liabilities are recorded as non-current liabilities and are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 37.5pt">

   <TD style="HEIGHT: 37.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="HEIGHT: 37.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 37.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Social security and labor</FONT></B></P></TD>

   <TD style="HEIGHT: 37.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 37.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Civil</FONT></B></P></TD>

   <TD style="HEIGHT: 37.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 37.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Tax</FONT></B></P></TD>

   <TD style="HEIGHT: 37.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 37.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Total accrued liability</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>On December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>90,090</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>35,778</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>125,868</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Additions</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>29,271</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>37,376</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>108,379</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>175,026</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Adjustments</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>4,578</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2,421</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6,999</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Reversals or payments</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(57,284)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,648)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(62,932)</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>On December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>66,655</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>69,927</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>108,379</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>244,961</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Additions</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>65,146</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>15,478</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>80,624</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="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Adjustments</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>18,441</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>28,666</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>15,934</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>63,041</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Reversals or payments</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(37,151)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(39,852)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(77,003)</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" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>On December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>113,091</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>74,219</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>124,313</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>311,623</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Considering the deposits and blockages made during the process and that are still pending, the expected future impact on cash is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="64%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>No. of <BR>processes</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Value involved</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Deposits</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Net value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Social security and labor</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>1,763</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>397,418</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>113,091</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(46,698)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>66,393</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Civil</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>1,070</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>487,404</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>74,219</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(15,601)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>58,618</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Tax</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>189</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>593,461</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>124,313</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(24,004)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>100,309</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Environmental</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(d)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>10</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>777</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(2,004)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(2,004)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Others</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(e)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>5</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

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   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>3,037</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>1,479,060</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>311,623</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(88,307)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>223,316</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>(*) This amount does not include the RFFSA contingencies, as the Company is only responsible for paying labor debts arising after privatization, as per the Notice of Privatization, item 7.2.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Social security and labor </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Most social security and labor claims relate to overtime, indemnities, night premium, intra-day interval, salary equalization, and risk and hazard premium.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=Georgia></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In 2016, a total of R$&nbsp;65,146 was accrued. Of this total, R$&nbsp;11,321 refers to seven class actions filed by the unions representing the employee category in Belo Horizonte, Conselheiro Lafaiete, Rio de Janeiro, and S&#227;o Paulo, which deal with (i) difference in night premium and overtime pay; (ii) validity of monoconduction system; (iii) intra-day interval; (iv) payment of a fine provided for in a collective rule; (v) payment of indemnification; (vi) applicability of TST 331 Precedent.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=Georgia></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The other additions to provisions made in the period amount to R$&nbsp;53,825, referring to the change in the prognosis and adjustments to reflect subsequent amending decisions during the period; the highest change per case was R$&nbsp;1,405.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-53</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Reversals of provisions amounted to R$&nbsp;37,151. Of this total, (i) R$&nbsp;32,126 refers to changes in the prognosis, payments and adjustments to reflect subsequent amending decisions during the period as well as monetary restatement; (ii) R$&nbsp;4,025 arises from actual losses in completed processes; and (iii) R$&nbsp;1,000 arises from the payment of an installment of the agreement in execution action of a TAC (Conduct agreement) proposed by the MPT/BH.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In addition, based on the assessment of its legal advisors, the Company has contingencies with a possible loss in the total amount of R$&nbsp;117,474 in 2016, which it is not required to constitute a provision.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Civil</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Currently, in the civil area, the Company is party to 1,070 lawsuits, where it acts as the defendant in 976 and as author or interested party in 94.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The lawsuits in which the Company acts as a defendant are about civil liability for&nbsp; railway accidents; shutdown of railway traffic in Conselheiro Lafaiete (MG), the legality of charging for third-party interference in the right of way areas for concession and lease agreements, the public civil actions and actions involving the Investment Club of the Southeast Railway Network - SUDFER.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The amount involved in said lawsuits, on December 31, 2016, was R$409,985 (R$&nbsp;300,274 on December 31, 2015). Following the opinion of its legal advisors, the Company provisioned R$&nbsp;74,103 (R$&nbsp;69,906 in December 2015), referring to the estimated amount of cases with probable loss. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The lawsuits in which the Company is an author/interested party are on contractual liability, collection actions when using the right of way, adverse possession and repossession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The amount involved in said lawsuits, on December 31, 2016, was R$77,419 (R$&nbsp;98,897 on December 31, 2015). Following the opinion of its legal advisors, the Company recorded a provision of R$&nbsp;116 (R$&nbsp;2 on December 31, 2015), referring to the estimated amount of cases with probable loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The additional provisions in the amount of R$&nbsp;15,478 in the period are mainly due to: (i) changes in the expectations of loss in processes, in the amount of R$&nbsp;8,719, and (ii) additions arising from modifying condemnatory decisions of the amount originally provisioned, issued during the period, in the amount of R$&nbsp;6,759, the highest addition per process was R$&nbsp;2,219. A review of the current calculation of provisioned values was carried out and an amount of R$&nbsp;28,666 was added, in which R$&nbsp;13,944 corresponds to the monetary restatement and R$&nbsp;14,722 corresponds to interest on arrears.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Reversals of provisions were carried out in the period, totaling R$&nbsp;39,852, basically corresponding to: (i) a change in prognosis of loss of processes and adjustments to provision amounts due to the amending decisions issued after constituting the provision of R$&nbsp;18,276 and (ii) payment of executions in the amount of R$&nbsp;21,576, where the amount of R$&nbsp;15,128 is highlighted, referring to the arbitration process instituted by Ebate Construtora LTDA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company is party to other lawsuits for which, based on the assessment of its legal counsel, it has not made provisions since the loss prognosis was classified as only possible. The estimated value of possible loss contingencies is R$&nbsp;338,877 in 2016 and refers mainly to indemnification actions arising from railway accidents. </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-54</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has insurance coverage for personal, property and moral injury and damages caused to third parties, whose deductible is currently R$&nbsp;1,000 per claim.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Tax</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>In the tax area, the Company is party to 189 administrative and legal proceedings, authoring 83 proceedings and defendant in 106 proceedings. The total value of these processes, on December 31, 2016, was R$&nbsp;593,461, in which R$&nbsp;277,381 were claimed by the Company and R$&nbsp;316,080 are involved in claims in which the Company is the defendant. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The tax proceedings in progress relate to the questioning of the tax assessments involving (i) disallowance of ICMS credits levied on goods for use and consumption; (ii) IPTU on operating real estate leased from the former RFFSA; (iii) PIS and COFINS on the import of goods (tracks and locomotives), arising from the right to include the Company among the beneficiaries of REPORTO (imports with the suspension of PIS and COFINS); (iv) PIS and COFINS on sharing of freight payable (third parties' revenue included in the Company's billing) and (v) excluding values from the calculation basis of PIS and COFINS. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The composition of tax provisions with probable loss prognosis, in the total amount of R$&nbsp;124,313 (R$&nbsp;108,379 in 2015), is as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>ICMS - State of Rio de Janeiro: the amount of R$&nbsp;70,200 (R$&nbsp;61,471 in 2015), refers to the reduction of ICMS credits from the acquisition of goods classified by the State as use and consumption, pending judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>ICMS - State of S&#227;o Paulo: the amount of R$&nbsp;47,068 (R$&nbsp;40,800 in 2015), refers to the reduction of ICMS credits from the acquisition of goods classified by the State as use and consumption, pending judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Writ of Mandamus relating to the classification of REPORTO benefits: the amount of R$&nbsp;7,045 (R$&nbsp;6,108 in 2015), refers to the recognition of the application of REPORTO benefits to the importing of locomotives, also pending judgment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company is party to other lawsuits in which, based on the assessment of its legal counsel, it has made no provisions since the loss expectations were considered as only possible. The amount of R$&nbsp;117,184 in 2016 (R$&nbsp;105,476 in 2015) referring to the contingency, is composed as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>ICMS - disallowance of using the assumed system for ICMS calculation in scrap sales: R$107 in 2016 (R$566 in 2015) refers to notices issued by the Minas Gerais' Tax Administration based on disagreement with the assumed credit system granted to the Company for the payment of ICMS taxes resulting from scrap sales, pending judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>IPTU on property leased from the extinguished Rede Ferrovi&#225;ria Federal S.A.: R$&nbsp;27,472 in 2016 (R$&nbsp;20,470 in 2015) refers to administrative and legal proceedings related to the collection of IPTU on operating leased property from the extinguished RFFSA. Such demands are pending judgment by the STF of an extraordinary appeal with recognition of general repercussion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>PIS and COFINS on freight sharing: R$&nbsp;13,164 in 2016 (R$&nbsp;12,276 in 2015), refers to the difference in the payment of PIS and COFINS taxes due to the exclusion of amounts transferred to third parties for mutual traffic from its calculation basis, pending judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>PIS and COFINS exchange variation: R$&nbsp;29,798 in 2016 (R$&nbsp;28,352 in 2015), refers to the exclusion of values arising from exchange variation from the PIS and COFINS calculation basis. Suit is pending appeal to the judgment that was in favor of the Company to the exclusion of amounts from the COFINS calculation basis. PIS is expected to be reviewed.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-55</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Tax Execution - PIS and COFINS: R$&nbsp;7,398 in 2016 (R$&nbsp;11,142 in 2015), refers to the judicial collection of PIS and COFINS debts subject of Outstanding Debt Certificates arising from administrative proceedings. The decision is still likely to change by means of an appeal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Tax Execution - PIS, COFINS, IRPJ, CSLL and IRRF: R$21,777 in 2016 (R$20,930 in 2015) related to Tax execution against the Company, for 5 Outstanding Debt Certificates for PIS, COFINS, IRPJ, CSLL and IRRF. Sentence in the Company's favor was handed down. Awaits the appeal judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Writ of Mandamus PIS/COFINS: Related to writs of mandamus filed in the States of MG/RJ/SP for calculation of amounts due for import PIS/COFINS without incidence of ICMS on customs clearance. Lawsuit awaits final judgment of cases before the courts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Non-conformity Statement - CSLL: R$696 in 2016 (R$468 in 2015). Federal Revenue Service of Brazil has only partially ratified the request for credits compensation arising from overpayment of CSLL. The Company filed a Non-conformity statement which is pending judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Administrative fine for lack of construction license - City Hall of Barra Mansa: R$16,772 in 2016 (R$11,272 in 2015), relating to administrative fines applied for performance of works on the railway, in the City of Barra Mansa, without previous license. Judgment, which partially recognized incorrectness of fines applied was handed down, awaiting final judgment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Environmental </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company is party to 10 lawsuits of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>environmental nature. On December 31, 2016, the total amount involved in these judicial lawsuits was R$777.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> The loss prognosis of all lawsuits is considered 'possible' by legal advisors, therefore has not been provisioned.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Others</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has 5 Conduct Agreements (TAC) in force, 2 due to labor issues, 2 of civil proceedings and 1 environmental issue. TACs of labor matters aim to (i) guarantee union leaders to full exercise of activities intended to defend collective or individual rights and interests of the occupational category; and (ii) achieve the percentage of employees with disabilities required by art. 93, law 8,213/91. In the civil area, there are two TACs: one about the construction of walkways and flyovers on the railway, in the city of Congonhas/MG, and another TAC about the reform of S&#227;o Jos&#233; dos Campos station. The environment-related TAC covers planting and maintenance of seedlings of trees native to the Atlantic forest in Juiz de Fora/MG. For such cases, no provisions have been made.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>23.2&nbsp;&nbsp; Provision for post-employment benefits</FONT></B></H4>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>50</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" color=black face=Georgia>66</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Medical care plan</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" color=black face=Georgia>3,566</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,254</FONT></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" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,616</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,320</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Supplementary pension plans</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company sponsors a supplementary pension plan for employees through a pension plan managed by Bradesco Vida e Previd&#234;ncia. The pension plan, created on July 1, 1999, is available to all employees of MRS from the date of the plan initiation. The plan is a defined contribution plan, and the Company has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all benefits owed. The cost is shared so that the portion of the Company amounts to 100% of that the employee's contribution according to a contribution scale based on salary band.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The plan requires contributions to be made to funds managed separately from the Company's own funds. The plan assets are held by an open supplementary pension fund, not available to the Company's creditors and cannot be paid directly to the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company's contributions total R$6,986 in the year ended December 31, 2016 (R$7,380 in 2015 and R$13,949 in 2014), which were included in current expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2016, there were liabilities of the Company arising from the pension plan in the amount of R$&nbsp;50 (R$&nbsp;66 in 2015), which were duly accrued and are recorded in non-current liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Medical care plan</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has a plan for post-employment medical care for a group of former employees and their spouses administered by Bradesco Sa&#250;de. The plan has a policy of partial participation of each employee (fixed monthly contribution) through a post-payment model. Due to the adoption of this policy, the extent of this benefit is guaranteed for employees and their family group after termination of employment and retirement (post-employment period) in accordance with articles 30 and 31 of Law 9,656/98, respectively, and Normative Resolution RN 279 of November 24, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company also offers a post-payment plan managed by Unimed Juiz de Fora. However, there are no retired or terminated users during the post-employment period and the expected adhesion of future retired employees is zero. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2016, the plan had 16,295 individuals in Bradesco Sa&#250;de and 612 in Unimed Juiz de Fora, amounting to 16,907 lives.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Actuarial gains and losses are recognized in equity as "Carrying value adjustment" within the statement of comprehensive income, as required by IAS 19 - Employee Benefits (2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company's contributions to the medical care plans managed by Bradesco Sa&#250;de and Unimed were R$33,508 in the year ended December 31, 2016 (R$28,231 in 2015 and R$27,086 in 2014).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-57</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On December 31, 2016, there were actuarial liabilities of the Company arising from the health plan in the amount of R$&nbsp;3,566 (R$&nbsp;3,254 in 2015), which were duly provided in non-current liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Reconciliation of net actuarial liabilities in the balance sheet:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Net actuarial liabilities on January 1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,370</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Expense in the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>348</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjustments to obligations</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(464)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial liabilities on December 31</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,566</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,254</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial liabilities:</FONT></P>

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<TR style="HEIGHT: 7.05pt">

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.05pt">

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial liabilities at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,254</FONT></P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,370</FONT></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>199</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>259</FONT></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Interest on actuarial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>411</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>374</FONT></P></TD></TR>

<TR style="HEIGHT: 7.05pt">

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Benefits paid directly by the plan</FONT></P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(329)</FONT></P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(285)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjustments - cost remeasurements included in other comprehensive income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(464)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial liabilities on December 31 </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,566</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>3,254</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.55pt">

   <TD style="HEIGHT: 12.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="75%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>c.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Expenses to be recognized in the income statement of the coming year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2017</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>132</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Interest on actuarial liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>396</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Total expenses to be recognized</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>528</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>d.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Assumptions adopted by the independent actuary in the actuarial liability calculations:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></I>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 4.9pt">

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Discount rate</FONT></P></TD>

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5.72% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 7.6pt">

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Long-term inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5.50% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Medical cost inflation (HCCTR)</FONT></P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3.0% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Age factor</FONT></P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>From 0 to 24 y/o: 0.5% p.a.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>From 25 to 54 y/o: 2% p.a.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>From 55 to 79 y/o: 4.5% p.a.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>More than 80 y/o: 3% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Overall mortality table</FONT></P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Life insurance</FONT></U></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Employees participate in a collective life insurance guaranteed by Ita&#250; Seguros. In 2016, the Company contributed R$814 (R$658 in 2015 and R$&nbsp;529 in 2014) for its employees' life insurance policies.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-58</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Equity</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Subscribed and paid-up capital</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The subscribed and paid-up capital, amounting to R$&nbsp;1,487,756 (R$&nbsp;1,392,974 in 2015 and R$&nbsp;1,275,588 in 2014), is divided into 340,000,000 shares with no par value, represented by common and preferred class "A" and "B" shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>According to the Company's Bylaws, the authorized capital is R$&nbsp;2,500,000.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Based on the Notice of Privatization and the Bylaws of MRS, no shareholder may hold an equity interest greater than 20% of the voting capital. If this limit is exceeded, as determined by ANTT, shareholders waive the right to vote and veto inherent to the shares that exceed this limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Board of Directors' Meeting held on March 28, 2016 approved an increase in capital of R$94,782 using part of investment reserves constituted in previous years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On December 31, 2016, participation in the Company's share capital was as follows:</FONT></P>

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<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom rowSpan=2 width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Common shares</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Preferred shares</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Total capital</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>No. of shares</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>%</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>No. of shares</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>%</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>No. of shares</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=Georgia>Minera&#231;&#245;es Brasileiras Reunidas S.A.</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>37,666,526</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>74,301,916</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>48.99%</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>111,968,442</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>32.93%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.9pt">

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Companhia Sider&#250;rgica Nacional</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>26,611,282</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>14.13%</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>36,765,916</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>24.24%</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 14.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>63,377,198</FONT></P></TD>

   <TD style="HEIGHT: 14.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>18.64%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>CSN Minera&#231;&#227;o S.A. (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>25,802,872</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>13.70%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>37,536,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>24.75%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>63,338,872</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>18.63%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.4pt">

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=Georgia>Usiminas Participa&#231;&#245;es e Log&#237;stica S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>37,513,650</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>19.92%</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>342,805</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>0.23%</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>37,856,455</FONT></P></TD>

   <TD style="HEIGHT: 15.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>11.13%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Vale S.A.</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>36,270,703</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>19.26%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>769,304</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>0.51%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>37,040,007</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>10.89%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Gerdau S.A.</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>4,460,128</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>2.37%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>0.00%</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>4,460,128</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>1.31%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia>Minority shareholders</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>20,007,526</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>10.62%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>1,951,372</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>1.29%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>21,958,898</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>6.46%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>188,332,687</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>100%</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>151,667,313</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>100%</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>340,000,000</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Georgia>100%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(*) On June 30, 2016, the shares of Nacional Min&#233;rios S.A. were transferred to Congonhas Min&#233;rios S.A. due to merger carried out on December 31, 2015, in accordance with material fact communicated to the Company's market. Additionally, on November 30, 2016, according to the Extraordinary General Meeting minutes, Congonhas Min&#233;rios S.A. changed its corporate name to CSN Minera&#231;&#227;o S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Shareholders' rights </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Holders of common shares have the right to vote in the resolutions of general meetings. The preferred shareholders (classes A and B) have the right to dividends 10% higher than those assigned to common shares, have no right to vote but priority in receiving reimbursement of capital, without premium, upon winding-up of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Class B preferred shares are, at the initiative of the shareholder that holds them, convertible into common shares at a ratio of one for each common share. Such conversion may be made at any time, subject to the conditions provided for in the Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Although not entitled to vote, the Class B preferred shares have the right to elect, in a separate vote, a member of the Board of Directors as long as they represent a minimum of 25% of total capital.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-59</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Revenue reserves - legal reserve</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Recorded at 5% of the net income before profit distributions and reversal of interest on shareholders' equity, as required by the legislation, and limited to 20% of the share capital. On December 31, 2016, the legal reserve balance was R$246,222 (R$225,345 in 2015 and R$ 210,555 in 2014).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Revenue reserves - investment reserve</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Management proposed retaining the remaining profit after appropriations for expansion in the amount of R$198,334, aiming to supply the required resources for fulfilling the Company's capital investment budget. On December 31, 2016, the investment reserve balance was R$1,351,139 (R$1,262,411 in 2015 and R$&nbsp;1,182,419 in 2014).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Proposed additional dividend</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The applicable accounting standards require that the portion of dividends that exceeds the mandatory minimum dividend, proposed by management after the year-end but before the date of authorization to issue the financial statements, shall not be recorded as a liability, and the effects of the additional dividends should be disclosed in a note. Hence, on December 31, 2016, the R$99,167 referred to the amount exceeding the mandatory minimum dividend was recorded in the equity as "Proposed additional dividend".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Carrying value adjustments</FONT></I></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The carrying value adjustment relates to actuarial remeasurements of health insurance determined in accordance with IAS 19 &#8211;Employee Benefits (2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" 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" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Actuarial adjustments</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>IRPJ/CSLL</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2013</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>9,514</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(3,235)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>6,279</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Addition</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>2,318</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(788)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1,530</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>11,832</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(4,023)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>7,809</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Addition</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>464</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>464</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Reduction</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>339</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>339</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>12,296</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(3,684)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>8,612</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" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Reduction</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>(31)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>337</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>306</FONT></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" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>On December 31, 2016</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>12,265</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(3,347)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>8,918</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-60</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_347"></A>

<a name="_bclHeader347"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Earnings per share </FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The following table sets forth the calculation of earnings per share for the years ended December 31, 2016, 2015, and 2014 (in thousands of Reais, except per share amounts):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Numerator</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>417,545</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>295,798</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>378,761</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Denominator</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Common shares weighted average</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>188,333</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>188,333</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>188,333</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Preferred shares weighted average - A</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>82,076</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>82,076</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>82,076</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Preferred shares weighted average - B</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>69,591</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>69,591</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>69,591</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10% - Preferred shares</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.1</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.1</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1.1</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Adjusted preferred shares weighted average</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>166,834</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>166,834</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>166,834</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Denominator for basic earnings per share</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>355,167</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>355,167</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>355,167</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Basic earnings per common share</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.18</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>0.83</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.07</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>10% - Preferred shares</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.1</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.1</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.1</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Basic and diluted earnings per preferred share - A</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.29</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>0.92</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Basic and diluted earnings per preferred share - B</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.29</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>0.92</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>1.17</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-61</FONT></P>

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   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Service revenue</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 39.75pt">

   <TD style="HEIGHT: 39.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Gross operating revenue</FONT></U></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Shipping services </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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,763,753</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,629,849</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2,479,125</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Freight sharing</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>113,383</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>106,456</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>95,836</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" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Additional transportation revenues</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>758,579</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>766,301</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>805,874</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,635,715</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,502,606</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,380,835</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(-) Deductions from sales</FONT></U></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ICMS</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(117,520)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(115,165)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(113,234)</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>COFINS</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(151,240)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(145,700)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(139,940)</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>PIS</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(32,835)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(31,632)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(30,381)</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Social Security</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="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(*)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(54,653)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(37,034)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(34,009)</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" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>ISS</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(47)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(331)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(210)</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(356,295)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(329,862)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(317,774)</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</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" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,279,420</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,172,744</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,063,061</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>&nbsp;(*) Law 13,161/15 - Changes in rates levied for payroll relief - a special issue of the Official Gazette of 08/31/2015, published on 09/01/2015, printed Law 13,161/15, which, among other provisions, implemented changes to the payroll relief law (CPRB - Social Security Contribution on Gross Revenue). After December 1, 2015, the Social Security Contribution rate calculated on Gross Revenue changed from 1.0% to 1.5%.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-62</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

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   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE><A name="page_349"></A>

<a name="_bclHeader349"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Expenses by nature</FONT></B></H4>

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<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fuel/Lubricants</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(537,081)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(533,027)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(511,426)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Depreciation/amortization</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(559,765)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(515,408)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(447,457)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Labor and social charges</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(382,917)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(387,122)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(361,525)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Concession/lease cost</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(299,209)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(272,950)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(255,690)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(218,619)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(186,874)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(189,308)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Inputs/other materials</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(144,104)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(136,774)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(166,847)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(103,901)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(94,191)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(98,646)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Presumed ICMS MG credit</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>65,300</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>73,359</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>75,418</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(60,404)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(64,033)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(73,106)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Freight sharing</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(79,289)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(68,330)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(62,639)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(Provision) Reversal of estimated losses on doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>7 and 9</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>49,085</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(51,793)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Additional transportation costs</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(31,194)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(31,886)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(26,773)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Operational vehicles and equipment rent</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(13,087)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(15,991)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(17,934)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Insurance expenses</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(11,471)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(11,910)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(8,555)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(3,529)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(3,617)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(3,700)</FONT></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" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(55,247)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(63,129)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(88,897)</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,385,432)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,311,883)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,288,878)</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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Costs of services rendered</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,208,786)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,095,614)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,014,374)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Selling (*)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>37,977</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(10,322)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(61,971)</FONT></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" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>General and administrative</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(214,623)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(205,947)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(212,533)</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,385,432)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,311,883)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(2,288,878)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(*) The 2016 positive balance refers to reversal of the provision for impairment constituted in 2014 as described in Note 7. (b) in the amount of R$51,793, exceeding expenses with current sales in the year, which were R$13,816.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-63</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_350"></A>

<a name="_bclHeader350"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%">

   <P style="TEXT-ALIGN: right" align=center>
   <IMG border=0 src="mrs_logo.gif"></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>28.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other operating income and expenses</FONT></B></H4>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other operating income</FONT></U></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Incremental revenues</FONT></P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(a)</FONT></B></P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>40,224</FONT></P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>40,345</FONT></P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>39,046</FONT></P></TD></TR>

<TR style="HEIGHT: 8.8pt">

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Sales of material (scrap/excess inventory)</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>20,733</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>24,598</FONT></P></TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>38,258</FONT></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Contract penalties</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>8. (a)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>196,212</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>61,847</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>77,494</FONT></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,220</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>318</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>20,204</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Services provided to third-parties </FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2,602</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5,007</FONT></P></TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 13.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5,782</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Revenue from sales of fixed assets</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>8. (f)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>29,537</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>53</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>450</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Reversal of provision for loss on movable assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>2,320</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>15,252</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Reversal of provision for loss on immovable assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>443</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>13,764</FONT></P></TD></TR>

<TR style="HEIGHT: 9.1pt">

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Reversal of provision for donation of assets</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>14</FONT></B></P></TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>12,852</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.55pt">

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Reimbursement of accident expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>9,407</FONT></P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.1pt">

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other income</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>4,246</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>6,578</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>5,178</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>307,626</FONT></B></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>150,916</FONT></B></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>215,428</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.65pt">

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Other operating expenses</FONT></U></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for loss on ICMS credits</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(b)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(4,066)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(21,460)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for loss on current assets</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>10. (c)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(1,056)</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,275)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.35pt">

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for loss on immovable assets</FONT></P></TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,424)</FONT></P></TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(440)</FONT></P></TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for donation of assets</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(16,875)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 6.9pt">

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>23.1</FONT></B></P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(22,384)</FONT></P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(118,330)</FONT></P></TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(15,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,766</FONT></P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>1,991</FONT></P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,631)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Tax loss expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(46,347)</FONT></P></TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(39,425)</FONT></P></TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(55,893)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Taxes on sales and other revenues</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(27,305)</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(14,764)</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(17,724)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(13,402)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(15,408)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(31,352)</FONT></P></TD></TR>

<TR style="HEIGHT: 7pt">

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Loss on litigation</FONT></P></TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(54,579)</FONT></P></TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(22,094)</FONT></P></TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(15,590)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Incremental revenues cost</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,318)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(6,485)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(6,485)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.2pt">

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Agreements with Municipalities</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(6,068)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,431)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,239)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Cost of sales of material (scrap/excess inventories)</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(3,572)</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(753)</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(9,033)</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="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Cost of third party services</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(838)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(3,009)</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(6,943)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.55pt">

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Donations</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>14</FONT></B></P></TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(12,866)</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(1,036)</FONT></P></TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(1,712)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.6pt">

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Fixed asset write-off</FONT></P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>14</FONT></B></P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(21,265)</FONT></P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,135)</FONT></P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(15,961)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.45pt">

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Inventory adjustment/write-off</FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(8,034)</FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>486</FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,788)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Sponsorship expenses (Rouanet Law/FIA/Sports)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(6,962)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(3,055)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(3,540)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Citizen project</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(3,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(2,174)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(813)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.95pt">

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Compensation to Granting Authority</FONT></P></TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(2,213)</FONT></P></TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(18,016)</FONT></P></TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(872)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.95pt">

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Bad debts </FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(c)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(42,530)</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(5,415)</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(16,636)</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(11,806)</FONT></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" vAlign=bottom width="51%">&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%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(291,167)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(311,049)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(223,660)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 10.65pt; TEXT-INDENT: -10.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>Other net operating income (expenses)</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>16,459</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(160,133)</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="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>(8,232)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Incremental revenues: according to ANTT, as provided for in the Accounting Manual for Public Transport Service, revenues from projects related to the public service concession and not included in exploration of rail transport are classified as incremental revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>The amount of R$4,065 relates to increase in provision for loss on ICMS credits (see Note 11).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia>Of the amount of R$42,530, R$42,409 are from write-offs of bad debt accounts resulting from agreement made in the judicial recovery process described in Note 7.(b).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -46.35pt">&nbsp;</H4>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-64</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial income and expenses</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial income</FONT></U></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Exchange and monetary variation</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>241,121</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>109,940</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>75,413</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>260,006</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>89,236</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Mark-to-market adjustment - hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>721</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Income on financial investments</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>62,347</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>84,172</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>40,462</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Interest</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,822</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>5,697</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>9,122</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Present value adjustment of accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Georgia>8. (h)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>23,221</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>-</FONT></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="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other financial revenues</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>9,967</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>1,816</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>3,422</FONT></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="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>343,199</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>461,631</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>217,655</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial expenses</FONT></U></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Exchange and monetary variation</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(184,672)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(390,007)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(151,518)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Interest</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(223,791)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(240,179)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(186,618)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Derivative financial instruments - swap</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(143,768)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(71,396)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(61,535)</FONT></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="52%">

   <P style="MARGIN: 0cm 0cm 0pt 14.3pt; TEXT-INDENT: -14.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(40,268)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(9,039)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(8,278)</FONT></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="52%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(592,499)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(710,621)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(407,949)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</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="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Net financial result</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(249,300)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(248,990)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>(190,294)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Information by segment</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Since that only cargo transportation services are offered in the Southeastern network, for accounting and management purposes, the Company is organized into a single business unit. The Company's operations are controlled, managed, and monitored by management as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company has a certain degree of reliance on its major customers, mainly comprised of shareholders. The revenue per customer is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-65</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Main Customers</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2016</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2015</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Vale S.A. </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,682,315</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,607,675</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,479,022</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Companhia Sider&#250;rgica Nacional </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>243,070</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>673,489</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>660,754</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Minera&#231;&#227;o Usiminas S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>16,971</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>104,031</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>178,384</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>CSN Minera&#231;&#227;o&nbsp; S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>639,063</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>39,174</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Usinas Sider&#250;rgicas de Minas Gerais S.A. </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>114,231</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>117,858</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>98,920</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau A&#231;ominas S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>106,635</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>81,203</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>85,285</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Nacional Min&#233;rios S.A. </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>98,814</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>171,371</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Ferrovia Centro Atl&#226;ntica</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>36,763</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>31,725</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>21,792</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau A&#231;os Longos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>8,247</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>18,194</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>19,384</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>10,639</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>9,625</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Gerdau S.A. </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,230</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>4,065</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>6,766</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>VLI Multimodal</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>772</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,543</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>1,160</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Confab Industrial S.A.</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>110</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>679</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>213</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>247</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>259</FONT></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" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Others </FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>786,293</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>713,270</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>647,900</FONT></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" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>3,635,715</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>3,502,606</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="1%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>3,380,835</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company does not provide services to foreign customers since its operating area is limited to the Brazilian Southeastern network, as defined in the concession agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN-BOTTOM: 0pt; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN-TOP: 0cm; MARGIN-RIGHT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Insurance </FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has the following insurance policies:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Coverage</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Purpose</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Expiration Date</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Maximum Coverage</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Deductibles</FONT></B></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="HEIGHT: 36pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Operational Risk</FONT></P></TD>

   <TD style="HEIGHT: 36pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Coverage of the Company's operational property or a property under its responsibility.</FONT></P></TD>

   <TD style="HEIGHT: 36pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>March 31, 2018</FONT></P></TD>

   <TD style="HEIGHT: 36pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>203,378</FONT></P></TD>

   <TD style="HEIGHT: 36pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>9,000</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Liability</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Coverage against damages caused to third-parties</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>February 9, 2017</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>30,000</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>1,000</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Cargo Transport</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>Coverage of occurrences on transporting cargo</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>July 31, 2017</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>45,000</FONT></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>200</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>The Company has as a policy obtaining insurance coverage for assets subject to risks and civil liability for amounts considered as sufficient to cover any possible losses, considering the nature of the activity.&nbsp; The risk assumptions adopted, given their nature, are not part of the scope of the audit of the financial statements and, therefore, they were not reviewed by the independent auditors.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-66</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Subsequent events </FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Board of Directors' Meeting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In accordance with Law 6,404/76 (Corporate Law), item 199, the balance of revenue reserves, other than for contingencies, of tax incentives and unrealized profits should not exceed the capital. The Company has reached this limit on December 31, 2016, and the Board of Directors' Meeting held on March 8, 2017, approved an increase in capital in the amount of R$109,606 using part of investment reserves constituted in previous years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>****</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-67</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>MRS Log&#237;stica S.A.</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Notes to the financial statements </FONT></B></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>at December 31, 2016</FONT></B></FONT></B></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia>In thousands of reais, unless otherwise stated</FONT></B></FONT></FONT></B><B><FONT></FONT></B></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></I></B></FONT></I></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Management: Directors and Officers</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Board of Directors</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT></B>&nbsp;</P>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Humberto Ramos de Freitas</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Chairman</FONT></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

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<TR style="HEIGHT: 15.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Alejandro Daniel Lai&#241;o</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Daniel dos Santos Junior</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Fabio Costa Brasileiro da Silva</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fernando Pessanha Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Guilherme Delgado de Oliveira</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Luis Fernando Barbosa Martinez</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Patr&#237;cia Silva Rodrigues Schell</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Rosana Passos de P&#225;dua</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Wilfred Theodoor Bruijn</FONT></P></TD></TR>

<TR>

   <TD width="100%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Executive Board </FONT></B></P>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Guilherme Segalla de Mello</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>CEO, Sales and operations director</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Alexandre Claro Fleischhauer</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Engineering and maintenance director</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>F&#233;lix Lopez Cid</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Human resources director</FONT></P></TD></TR>

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<TR style="HEIGHT: 16.6pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Fabr&#237;cia Gomes de Souza</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Financial and development director</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Other Directors not part of the Executive Board</FONT></B></P></TD></TR>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="tms rmn"></FONT>&nbsp;</P>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Daniel Dias Olivio</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Henrique Rocha Martins</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia>Luiz Gustavo Bambini de Assis</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-68</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Deloitte Touche Tohmatsu</FONT></FONT></P></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=AF style="FONT-SIZE: 12pt; LETTER-SPACING: 0.25pt" color=#002776 face=Tahoma,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

   <P style="MARGIN: 12pt 0cm 0pt"><I><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=Univers,sans-serif>Financial Statements</FONT></I></P>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=Univers,sans-serif>For the Eleven Month-Period Ended <BR>November 30, 2015 and</FONT></I></P>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=Univers,sans-serif>Independent Auditor&#8217;s Report</FONT></I></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Univers,sans-serif>Deloitte Touche Tohmatsu Auditores Independentes</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">INDEPENDENT AUDITORS&#8217; REPORT</FONT></U> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">To the Board of Directors and Shareholders of</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Nacional Min&#233;rios S.A.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt; TEXT-INDENT: -22.7pt"><U><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">S&#227;o Paulo - SP - Brazil</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We have audited the accompanying consolidated financial statements of Nacional Min&#233;rios S.A. and its subsidiaries (the &#8220;Company&#8221;), which comprise the consolidated balance sheets as of November 30, 2015, and the related consolidated statements of income, comprehensive income, shareholders&#8217; equity and cash flows for the eleven-month period ended November 30, 2015 and for the year ended December 31, 2014, and a summary of significant accounting policies and other explanatory information.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Management&#8217;s responsibility for the consolidated financial statements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Auditors&#8217; responsibility</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor&#8217;s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company&#8217;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by Management, as well as evaluating the overall presentation of the consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Opinion</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Nacional Min&#233;rios S.A. and its subsidiaries as of November 30, 2015, and the results of their operations and their cash flows for the eleven-month period ended November 30, 2015 and for the year ended December 31, 2014, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Emphasis of matter</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">As described on note 1 to the financial statements, these financial statements are being prepared to be included at the 20-F filing of CSN and are presented for the period through the date that CSN had an equity interest in Namisa.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As described on note 8 to the financial statements, the Company has significant transactions with related parties. Our opinion was not qualified regarding this subject. </FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Deloitte Touche Tohmatsu Auditores Independentes</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT size=3 face="Times New Roman">DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES S&#227;o Paulo &#8211; SP, Brazil May 11, 2016</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NACIONAL MIN&#201;RIOS S.A.</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CONSOLIDATED BALANCE SHEETS AS OF NOVEMBER 30, 2015 AND DECEMBER 31,2014</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of Brazilian reais - R$)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">ASSETS</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Note</FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></U></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Note</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CURRENT ASSETS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CURRENT LIABILITIES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533,770 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 5,499,139 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,680 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368,818 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">5 / 8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721,059 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,726 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Trade payables to third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">20,735 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,901 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,293 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,451 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Trade payables to related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552,483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,872 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115,693 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,469 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Payroll and related taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,838 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,662 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Recoverable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,578 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,077 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Income taxes and other tax payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">321,275 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160,576 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Loans and receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162,544 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,026 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Dividends</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 / 16a (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,156,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,764 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">3,363 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">22,775 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other payables to related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176,952 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,720 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Total current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,636,300 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">6,058,663 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">92,763 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">73,849 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Total current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2,340,526 </FONT></U></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">798,162 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NONCURRENT ASSETS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NONCURRENT LIABILITIES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 9,310,901 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 9,236,170 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,541 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Recoverable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,200 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123,678 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Provision for risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">14 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,126 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,380 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,826 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Tax payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">22 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,665 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,828 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">9 c</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,118 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151,874 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511,577 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563,709 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8</FONT>,970 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16,402 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">12 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581,968 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583,110 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Total noncurrent liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">257,546 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">272,771 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Total noncurrent assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 10,713,786 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 10,684,253 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; 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 style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">SHAREHOLDERS' EQUITY</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Issued capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,961,510 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 2,800,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16b</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 6,473,699 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 6,473,699 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,155,168 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 6,236,647 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">161,637 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">161,637 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Total equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 9,752,014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 15,671,983 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">TOTAL ASSETS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 12,350,086 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 16,742,916 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">12,350,086 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16,742,916 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The accompanying notes are an integral part of these financial statements.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-1</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NACIONAL MIN&#201;RIOS S.A.</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">INCOME STATEMENTS</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FOR THE ELEVEN MONTH-PERIOD ENDED NOVEMBER 30,2015, AND FOR THE YEAR ENDED DECEMBER 31, 2014</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of Brazilian reais - R$, except earnings per thousand shares)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Note</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NET OPERATING REVENUE</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751,595 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,475,058 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">COST OF GOODS SOLD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (479,861)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (995,192)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">GROSS PROFIT</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">271,734 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">479,866 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">OPERATING EXPENSES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (152,813)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (433,424)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,180)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54,029)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,553)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(27,911)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (212,546)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (515,364)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">OPERATING PROFIT (LOSS) BEFORE </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FINANCIAL INCOME (EXPENSE)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,188 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35,498)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FINANCIAL INCOME (EXPENSE)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Financial income, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,669 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,115,587 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Exchange rate and monetary variances, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,824,955 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">536,304 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,834,624 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,651,891 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">PROFIT BEFORE INCOME TAX AND </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">SOCIAL CONTRIBUTION</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,893,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,616,393 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">INCOME TAX AND SOCIAL CONTRIBUTION</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">9 a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (162,062)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (359,070)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Deferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">9 a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,098 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (153,843)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NET PROFIT FOR THE PERIOD / YEAR </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,744,848 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,103,480 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">BASIC AND DILUTED EARNINGS </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">PER THOUSAND SHARES - R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Ordinary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.9864 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.3228 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Prefered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="87%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The accompanying notes are an integral part of these financial statements.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-2</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_5"></A>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NACIONAL MIN&#201;RIOS S.A.</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">STATEMENTS OF COMPREHENSIVE INCOME</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FOR THE ELEVEN MONTH-PERIOD ENDED NOVEMBER 30,2015, AND FOR THE YEAR ENDED DECEMBER 31, 2014</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of Brazilian reais - R$)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NET PROFIT FOR THE PERIOD / YEAR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,744,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,103,480 </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other comprehensive income:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Items that will not be reclassified subsequently to the income statement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">-<U> </U></FONT></P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">TOTAL COMPREHENSIVE INCOME FOR THE PERIOD / YEAR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,744,848 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,103,480 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The accompanying notes are an integral part of these financial statements.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-3</FONT></P>

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&nbsp; <A name="page_6"></A>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NACIONAL MIN&#201;RIOS S.A.</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">&nbsp;</TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="100%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">STATEMENTS OF CHANGES IN EQUITY</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FOR THE ELEVEN MONTH-PERIOD ENDED NOVEMBER 30,2015, AND FOR THE YEAR ENDED DECEMBER 31, 2014</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="100%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of Brazilian reais - R$)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="18%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Capital reserves </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Issued</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Premium on </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Special&nbsp; goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">comprehensive</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Retained&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; Note </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"><U>&nbsp;</U>capital&nbsp;&nbsp; </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;share issuance </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;reserve on merger </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;Reserves </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;Income </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;earnings </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;Total </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">BALANCE AS OF DECEMBER 31, 2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; 2,800,000 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">5,081,840 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,391,859 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">5,188,931 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">161,637 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">14,624,267 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,103,480 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,103,480 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Allocations:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,047,716 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;(1,047,716)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; Proposed dividends (R$ 0.1174 per share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16e</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55,764)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55,764)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">BALANCE AS OF DECEMBER 31, 2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2,800,000 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">5,081,840<U> </U></FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,391,859 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">6,236,647 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">161,637 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">-<U> </U></FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">15,671,983 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net Profit for the period </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; 1,744,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; 1,744,848 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Capital reduction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">Capital reduction according to ESM</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16a(iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; (777,930)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; (777,930)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Partial split involving the assets of Fernandinho, Cayman and Pedras Pretas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16a(vii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; (60,560)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60,560)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Dividends according to ESM Nov 30, 2015&nbsp; (R$ 12.5822 per share)</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16 d/e/f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;(5,977,397)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; (5,977,397)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Allocations:&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Earnings reserves</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16 d/e/f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895,918 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (895,918)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Interim dividends according ESM Nov 30, 2015 (R$ 1.0989 per share)</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16 d/e/f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (522,039)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; (522,039)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Interim dividends for preferred shares according to ESM Nov 30, 2015&nbsp; (R$ 3,1503 per share)</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">16 d/e/f</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; (326,891)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; (326,891)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;<U> </U></FONT></P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">BALANCES AS OF NOVEMBER 31, 2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,961,510 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">5,081,840 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,391,859 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,155,168 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">161,637 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">-<U> </U></FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">9,752,014 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The accompanying notes are an integral part of these financial statements.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-4</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NACIONAL MIN&#201;RIOS S.A.</FONT></U></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">STATEMENTS OF CASH FLOWS - INDIRECT METHOD</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">FOR THE ELEVEN MONTH-PERIOD ENDED NOVEMBER 30,2015, AND FOR THE YEAR ENDED DECEMBER 31, 2014</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(In thousands of Brazilian reais - R$)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CASH FLOWS FROM OPERATING ACTIVITIES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net Profit for the period / year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">1,744,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,103,480 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Adjustments to reconcile profit before income tax and social contribution to net cash generated by operating activities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Inflation adjustments and exchange differences, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">58,484 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101,886)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Accrued charges on borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2,797 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,397 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Depreciation/depletion/amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,437 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,806 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">148,964 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512,913 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Provision for sales in installments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(52,553)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,070 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Provision for interest receivable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,349)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711,818)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Dividends receivable - MRS Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,146)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,256)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,685 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,328 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,988,167 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939,034 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(Increase) decrease in operating assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90,666)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,622 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,563)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,999 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164,753 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Recoverable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,358)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,085)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,727 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,669 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Increase (decrease) in operating liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Trade payables to third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(16,965)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,137)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Trade payables to related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(9,801)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Accrued payroll and related taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">2,176 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,140 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Taxes payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (318)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,081)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Dividends received</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,480 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Income taxes paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,703)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160,741)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Interest received </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,816 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Interest paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,035)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,017)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net cash generated by operating activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">1,919,794 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,029,887 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CASH FLOWS FROM INVESTING ACTIVITIES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Purchase of property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(17,587)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127,556)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Cash from acquisition of CSN Handel Gmbh</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">77,583 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net cash (generated by) used in investing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">59,996 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127,556)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CASH FLOWS FROM FINANCING ACTIVITIES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">New borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,747 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Repayment of borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(441,938)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49,408)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Reduction of capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (777,930)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Dividends paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,725,291)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (336,673)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Net cash used in financing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(6,945,159)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370,334)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Effect of exchange rate changes on cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">-&nbsp;&nbsp; </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151,931 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U></U>&nbsp;</P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">(4,965,369)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683,928 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">5,499,139 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,815,211 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Cash and cash equivalents at the end of the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">533,770 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,499,139 </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,965,369)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683,928 </FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The accompanying notes are an integral part of these financial statements.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></U>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-5</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph"><U><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">Nacional Min&#233;rios s.a.</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">NOTES TO THE FINANCIAL STATEMENTS</FONT></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: justify; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; TEXT-JUSTIFY: inter-ideograph; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">FOR THE ELEVEN MONTH-PERIOD ENDED NOVEMBER 30, 2015 AND YEAR ENDED DECEMBER 31, 2014</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: justify; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 10pt; BORDER-LEFT: medium none; TEXT-JUSTIFY: inter-ideograph; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(In thousands of Brazilian Reais - R$, unless otherwise stated) </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1.</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: 12pt" face="Times New Roman">GENERAL INFORMATION</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Nacional Min&#233;rios S.A. (&#8220;Company&#8221; or &#8220;Namisa&#8221;) is a private corporation, incorporated in November 2006 and domiciled in Brazil, with its registered head office located in Congonhas, State of Minas Gerais. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">The Company and its subsidiaries included in the consolidated financial statements carries out their mining operations in the Ferriferous Quadrilateral, in the State of Minas Gerais, where they have ore mining rights and iron ore processing facilities. The Company also has an integrated logistics network, by means of long-term contracts with MRS and Congonhas, consisting on a railroad and port facilities, respectively, used to ship its production. This integrated logistics network allows transporting the iron ore produced in Congonhas, Ouro Preto, Itabirito, Rio Acima, and Nova Lima, in the State of Minas Gerais, to Itagua&#237;, in the State of Rio de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Own iron ore, added to the iron ore purchased from third parties, was substantially sold in the international market, mostly in Europe and Asia. The prices charged in these markets are historically cyclical and subject to significant fluctuations over short periods of time, as a result of several factors related to worldwide demand, strategies adopted by the main steel producers and the foreign exchange rate. All these factors are beyond the Company&#8217;s control. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Change of control and liquidation of Namisa</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company was jointly controlled until November 30, 2015 under a Shareholders&#8217; Agreement entered into Companhia Sider&#250;rgica Nacional (&#8220;CSN&#8221;), which holds 60% of Namisa shares, and an Asian Consortium formed by the companies ITOCHU Corporation, JFE Steel Corporation, POSCO, Kobe Steel Ltd., Nisshin Steel Co. &nbsp;Ltd. and China Steel Corp, which jointly hold 40% of the Company&#8217;s shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">On December 11, 2014, the CSN Board of Directors approved the establishment of a strategic alliance with the Asian Consortium (&#8220;Transaction&#8221;). The Transaction consisted of a business combination whereby the Asian Consortium negotiated its equity interest of the Company (40%) to participate in Company Congonhas Min&#233;rios S.A. (&#8220;Congonhas&#8221;), a mining subsidiary of CSN. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">The Transaction was concluded through the signing of an Investment Agreement, a new Congonhas Shareholders Agreement and a new Namisa Shareholders Agreement on November 30, 2015. As from this date, Namisa became fully controlled by Congonhas. Although certain corporate steps and financial settlements were concluded on December 31, 2015, all the risks and rewards related to Namisa&#8217;s equity instruments were transferred to Congonhas on November 30, 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Based on Investment Agreement, CSN and Asian Consortium agreed to transfer the assets related of mining rights of Fernandinho, Cayman and Pedras Pretas to Minera&#231;&#227;o Nacional S.A., a company controlled by CSN. The total amount of net assets transferred to CSN in the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">transaction is described in the note 25. The transaction was conclude through a capital reduction made on November 30, 2015. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-6</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">The parties also agreed that Namisa Handel GmbH, an indirect subsidiary of the Company, acquires CSN Handel GmbH, a foreign subsidiary company controlled by CSN. Both steps of the transaction was concluded on November 30, 2015 and was reflected in these financial statements. Detailed information is provided in the note 3.1. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As result of the conclusion of the transaction between CSN and Asian Consortium, on December 31, 2015, the Company was incorporated by Congonhas. Since January 1<SUP>st</SUP>, 2016, the operations of Namisa&#8217;s assets was carried out by Congonhas. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">As a result of the transaction, these financial statements are being prepared to be included at the 20-F filing of CSN and are presented for the period through the date that CSN had an equity interest in Namisa. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2.</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: 12pt" face="Times New Roman">BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="times new roman">The financial statements have been prepared based on the historical cost basis, except for certain financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The basis of presentation also considers that the company will be incorporate by Congonhas on December 31, 2015, and Congonhas will assume its rights and obligations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face="times new roman">The significant accounting policies adopted in the preparation of the financial statements are as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 13pt" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Foreign currency translation</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 2cm; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Functional and presentation currency</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 2cm; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face="Times New Roman">The consolidated financial statements have been prepared and are presented in Brazilian Reais (R$), which is Company&#8217;s functional currency. </FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 2cm; TEXT-INDENT: -17pt"><EM><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-STYLE: normal; LINE-HEIGHT: 13pt" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-STYLE: normal; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp; </FONT></EM><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Transactions and balances</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 2cm; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Foreign currency-denominated transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction or the dates of valuation when such items are measured. Exchange gains and losses resulting from the settlement of such transactions and the translation at the foreign exchange rates at yearend, related to foreign currency denominated monetary assets and liabilities, are recognized in the income statement line item &#8216;Foreign exchange gains (losses), net&#8217;.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 13pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 13pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" face="Times New Roman">Use of estimates and judgments</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face="Times New Roman">Critical accounting estimates and assumptions are those deemed important to describe and record the Company&#8217;s financial position and require analysis and decision-making power, and more complex and subjective estimates and assumptions by Management. The </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face="Times New Roman">application of these critical accounting policies frequently requires Management analysis and decision-making about the impacts of matters inherently uncertain with regard to the results from operations and the carrying amounts of assets and liabilities. Actual results may differ from these estimates.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-7</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The estimates and assumptions that present a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year are disclosed in the notes to the financial statements and correspond to goodwill impairment testing, revenue recognition, review of useful lives and impairment of property, plant, and equipment, contingent assets and liabilities, legal obligations and obligations related to retirement and restoration of assets.</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Cash and cash equivalents</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Include cash, bank deposit accounts and short-term investments, which consist of highly liquid temporary investments, stated at cost plus income earned through the end of the reporting period, with an insignificant risk of change in fair value or realizable value. </FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Trade receivables</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Refer to amounts receivable from customers for the sale of iron ore in the normal course of the Company&#8217;s business. If the collection period is equivalent to one year or less, trade receivables are classified in current assets. Otherwise, they are recorded in noncurrent assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade receivables comprise invoices issued (quantities, humidity indexes and preliminary quality grades), valued based on the commodity price established by Platts, at the shipment date, according to the agreement with each customer. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Every month, when applicable, outstanding balances are marked to market based on the future quotation price of the commodities that would be used for the final settlement, when issuing the final invoices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The final invoices, which finalize the export transactions and are generally issued after receiving and analyzing the commodities (approval of quantities, humidity indexes and metal grades by the customers) are valued as established in each contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The result of the adjustments required, both for issuing the final invoices and for marking to market, is recognized as proceeds from sale when occurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Based on the history of realization of receivables, Management does not consider necessary to recognize a provision for losses.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Inventories</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Stated at the lower of cost and net realizable value. Iron ore is recognized from the time it is physically extracted at the mine. The Company uses the absorption costing method. Direct costs are allocated based on objective recording and indirect costs are allocated by apportionment, based on normal production capacity, and include costs incurred on purchase of inventories, production and processing costs, and other costs incurred to bring inventories to their current locations and conditions.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-8</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Advances to suppliers</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Consist of long-term advances to CSN for purchases of raw materials and port services. The advances were initially recognized at fair value and are measured at amortized cost, they included contractually agreed interest until December 12, 2014 (see note 8.c)). The advances are realized when: (i)&nbsp;the raw materials are delivered and port services are provided; and (ii)&nbsp;34% of the interest calculated monthly is received in cash. The portion not expected to be realized within 12 months is classified as noncurrent assets.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" color=black face="Times New Roman">g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Property, plant and equipment</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">Property, plant and equipment are carried at historical cost, consisting of the acquisition, production or construction cost, less accumulated depreciation and impairment losses, if any. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">The elements of cost of a property, plant and equipment item comprise: (i)&nbsp;its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; (ii)&nbsp;any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management; and (iii)&nbsp;the initial estimate of dismantling costs and removing the item and restoring the site on which it is located. These costs represent the obligation incurred by the Company when the item is acquired.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">Gains and losses on the disposal of a property, plant and equipment item are calculated by comparing the disposal proceeds with the carrying amount of the property, plant and equipment item, and are recognized as other expenses, net, in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">Depreciation is recognized using the straight-line method, based on the estimated useful lives of each part of an item of property, plant and equipment, and ore deposits depletion is calculated based on the ore volume extracted as compared to the mineable reserve, as this is the method that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Land is not depreciated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">The depreciation methods, useful lives and residual values are reviewed at the end of each reporting period, and any adjustments are recognized as changes in accounting estimates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Exploration expenditures are recognized as expenses until the feasibility of mining activities is established; after this period, subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Research and analysis of exploration area historical data;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Topographic, geological, geochemical and geophysical studies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Determine the mineral asset&#8217;s volume and quality;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Examine and test the extraction processes and methods;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Topographic surveys of the transportation and infrastructure needs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Market studies and financial studies.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US>The costs for the development of new mineral deposits or capacity expansion in mines in operation are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" face="Times New Roman">h)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Non-current assets held for sale</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset (or disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset (or disposal group) and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Noncurrent assets (and disposal groups) classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. </FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" color=black face="Times New Roman">i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Intangible assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" color=black face="Times New Roman">Refer basically to goodwill arising on the acquisition of subsidiary already merged, as detailed in note 12, recognized as the positive difference between the price paid and the net fair value of the acquirer&#8217;s assets and liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Goodwill has an indefinite useful life, is not subject to amortization, and is tested for impairment at least annually. Impairment losses, if any, are not reversed in subsequent periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company has a single Cash-Generating Unit (CGU), dedicated exclusively to iron ore processing, to which goodwill was allocated for impairment test purposes.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">j)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Impairment of nonfinancial assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company reviews annually, or in a shorter period when there is evidence of impairment, the carrying amount of nonfinancial assets subject to amortization to assess events or changes in economic, operating or technological circumstances that might indicate an impairment of assets. Whenever such evidences are identified and the carrying amount exceeds the recoverable amount, a provision for impairment is recognized to adjust the carrying amount to the recoverable amount. The recoverable amount of an asset is the higher of its value in use and its fair value less costs to sell.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">k)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Current and noncurrent assets and liabilities</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">An asset is recognized in the balance sheet when it is probable that its future economic benefits will flow to the Company and its cost or amount can be measured reliably. A liability is recognized in the balance sheet when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of funds will be required to settle the obligation. &nbsp;Liabilities include charges, inflation adjustments or exchange differences incurred, when applicable. Assets and liabilities are classified as current when their realization or settlement within the next twelve months is probable. Otherwise, assets and liabilities are stated as noncurrent.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-10</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">l)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Loans and financing</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Adjusted through the end of the reporting period according to exchange fluctuations or for inflation indexes, and the financial charges incurred, as contractually agreed.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">m)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Employee benefits &#8211;pension fund and variable compensation program</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company sponsors a pension plan created in 2012, managed by a private pension fund (CBSPREV Namisa), which grants employees defined contribution pension benefit and defined risk benefits (sickness allowance, disability retirement pensions, and survivors&#8217; pensions), funded by the sponsor (50%) and by the employees (50%). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The regular contributions to the pension plan cover the net costs and are recognized in the income statement for the period when they become due. The Company&#8217;s obligation is limited to the monthly contributions made during the time an employee is working. As the risk benefits are fully tended by employees, the Company only recognizes a liability when the fund accumulated for this purpose is insufficient to cover the benefits provided. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company recognizes a liability related to the variable compensation program and profit sharing and bonus payment expenses, calculated based on qualitative and quantitative goals set by Management and recognized in employee benefits line items, in the income statement.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">n)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Contingent assets and liabilities, and legal obligations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Contingent assets are recognized only when there are collaterals or favorable, unappealable court decisions. Contingent assets with a probable favorable outcome are only disclosed in an explanatory note. Contingent liabilities are accrued for to the extent that the Company expects to disburse cash, losses are assessed as probable, and involved amounts can be reliably measured. When the expected likelihood of loss is assessed as possible, a description of the lawsuits and involved amounts are disclosed in the explanatory notes. Contingent liabilities whose likelihood of loss is assessed as remote are neither accrued for nor disclosed, and legal obligations are recognized as payables.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">o)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">Income tax and social contribution</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Taxes on profit comprise current and deferred income tax (IRPJ) and social contribution (CSLL). These taxes are recognized in the income statement, except to the extent that they relate to items recognized directly in equity. In this case, they are also recognized in equity, in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Current taxes are calculated based on tax laws enacted or substantially enacted by the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable profit. In Brazil, the statutory income tax rate is 34%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Deferred taxes are recognized on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, except: (i) on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither the taxable profit nor the accounting profit; and (ii) differences </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">associated with investments in subsidiaries when it is probable that they will not reverse in the foreseeable future. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-11</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Deferred tax assets are only recognized to the extent that it is probable that taxable profits will be available against which those temporary differences can be utilized, based on future projected earnings prepared and supported based on internal assumptions and future economic scenarios, which may, therefore, be subject to changes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Deferred tax assets and liabilities are presented on a net basis since there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes imposed by the same tax authority on the same entity subject to taxation. </FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">p)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Investments</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Investments are stated at cost, less a provision for impairment, where applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">q)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Distribution of dividends</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The distribution of dividends to the Company&#8217;s shareholders is recognized as a liability in the Company&#8217;s financial statements at the end of the year, according to its bylaws. Any amount in excess of the mandatory minimum dividend is accrued on the date it is approved by the shareholders at the General Meeting. </FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">r)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Segment information</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The financial statements do not include segment information because the Company operates only in the iron ore processing and sale operating segment, which is consistent with the internal reports used as basis for the Executive Committee's assessments and strategic decision-making.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">s)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Net operating revenue </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Revenue from the sale of iron ore in the normal course of business is measured at the fair value of the consideration received or receivable. Operating revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the Company, the associated costs and possible returns can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Due to the individual terms of the sales and freight agreement, the transfer of the risks and rewards usually takes place when the products are load into the ship, in the port of origin.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="Times New Roman">t)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Finance income and finance costs</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Finance income comprises interest earned on short-term investments and prepayments to related parties, dividends (except for dividends received by investees accounted for under equity method), and changes in the fair value of financial assets measured at fair value through profit or loss. Interest income is recognized in the income statement under the effective interest method. Dividend income is recognized in the income statement when the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Company&#8217;s right to receive the payment has been established. Distributions received from investees accounted for using the equity method reduce the value of the investment.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-12</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Finance costs include interest on loans, net of discount to present value of provisions, changes in the fair value of financial assets measured at fair value through profit or loss, and impairment losses recognized in financial assets. Loans costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through the income statement using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Exchange gains and losses are reported on a net basis.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="Times New Roman">u)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Financial instruments </FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial assets and liabilities</FONT></U></P>

<P style="MARGIN: 0cm 0cm 12pt 53.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Financial assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 53.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial assets can be classified in the following categories: (i) at fair value through profit or loss; (ii) held to maturity; (iii) loans and receivables; and (iv) available for sale. The classification depends on the nature and purpose of the financial assets and is determined on initial recognition. The Company does not have assets classified as held to maturity and available for sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 73.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">At fair value through profit or loss</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 73.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial assets are measured at fair value through profit or loss when they are held for trading, or are designated as measured at fair value through profit or loss on their initial recognition. Financial assets are classified as held for trading when acquired principally for the purpose of selling them in the short term. A financial asset that is not held for trading may be designated as at fair value through profit on initial recognition, when such designation eliminates or significantly reduces a measurement or recognition inconsistency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 73.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial assets at fair value through profit or loss are stated at fair value, with any gains or losses recognized in the income statement. Net gains or losses recognized in the income statement incorporate any dividends or interest earned on the financial asset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 73.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Loans and receivables</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 73.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">These are financial assets with fixed or determinable payments that are not quoted in an active market, measured at amortized cost using the effective interest method, less any impairment, where applicable. Interest income is recognized using the effective interest method.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 39.7pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Effective interest method</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">It is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating interest income or interest expenses over the period. The effective interest rate is the rate that exactly discounts the estimated future cash receipts or payments (including all fees paid or received that form an integral part of the effective interest rate, </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">transaction costs, and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-13</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader371"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<P style="MARGIN: 0cm 0cm 10pt 53.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Financial liabilities</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 53.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial liabilities can be classified as: (i) financial liabilities at fair value through profit or loss; or (ii) other financial liabilities. The Company does not have financial liabilities measured at fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 53.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other financial liabilities are initially measured at fair value, less transaction costs, and are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on a yield basis. The effective interest method is a method of calculating the amortized cost of a financial liability and allocating interest expense over the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or, where appropriate, a shorter period.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" face="Times New Roman">v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 14pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">New standards, amendments to and interpretations of standards that are not yet effective</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 28.4pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 28.4pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 116%" face="Times New Roman">The following standards, amendments to standards and IFRS interpretations issued by the IASB are not yet effective and were not early adopted by the Group for eleven months ended November 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 28.4pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Standard</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Effective date</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IAS 16 and IAS 38</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Property, Plant and Equipment</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Intangible Assets</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> &#8211; in May 2014 these accounting standards were revised to clarify that the revenue method will no longer be permitted for depreciation or amortization purposes.</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2016</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IFRS 10 and IAS 28</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Consolidated Financial Statements</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Investments in Associates and Joint Ventures</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> &#8211; in September 2014 a revision was issued proposing that the gain or loss resulting from the sale or contribution of a subsidiary that does not constitute a business as defined in IFRS&nbsp;3 to an investor&#8217;s subsidiary or joint venture should only be recognized to the extent of the unrelated investors' interests in the subsidiary or joint venture. </FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2016</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IFRS 7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial Instruments: Disclosures</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> &#8211; in September 2014 the IASB revised IFRS 7 to provide guidance to clarify whether a servicing contract is continuing involvement and that the additional disclosure requirements are not specific for interim reporting periods. This change has not yet been ratified by the CPC and should be adopted from 2016, with earlier application permitted.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2016</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-14</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS 9</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial Instruments</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>. IFRS 9 retains, but simplifies, the combined measurement model and establishes two main measurement categories of financial assets: amortized cost and fair value. The classification basis depends on the entity&#8217;s business model and the characteristics of the financial asset's contractual cash flow. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IFRS 9 retains most of IAS 39 requirements for financial liabilities. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The main change refers to those cases where the fair value of the financial liabilities must be segregated so that the fair value portion related to the entity&#8217;s credit risk is recognized in &#8220;Other comprehensive income&#8221; and not in profit or loss for the period. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The guidance on IAS 39 on the impairment of financial assets and hedge accounting is still applicable. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2018</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS 11</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The amendments to IFRS 11 provide guidance on how to account for the acquisition of a joint operation that constitutes a business as defined in IFRS 3 for a business combination. The amendments also make it clear that the equity interest previously held in a joint operation is not re-measured on the acquisition of an additional equity interest in the same joint operation for as long as joint control is retained.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2016</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS15</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Revenue from Contracts with Customers</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>This new standard introduces the principles that an entity will apply to determine the revenue measurement and when such revenue shall be recognized.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>IFRS15 replaces IAS 11 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Construction Contracts</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>, IAS 18 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Revenue</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>, and related interpretations. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2018</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IFRS16</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Defines the principles for recognition, measurement,</FONT></I></P>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>presentation and disclosure of leases. IFRS 16 replaces IAS17 - Leases and related interpretations.</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>2019</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 28.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 28.4pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 116%" face="Times New Roman">There are no other standards, amendments to standards and interpretations not yet effective that the Group expects to have a material impact on its financial statements.</FONT></P>

<H1 style="BACKGROUND: white; PAGE-BREAK-AFTER: auto; PAGE-BREAK-BEFORE: always; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt">&nbsp;</H1>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

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<H1 style="BACKGROUND: white; PAGE-BREAK-AFTER: auto; PAGE-BREAK-BEFORE: always; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">CONSOLIDATED FINANCIAL STATEMENTS</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The subsidiaries are included in the consolidated financial statements from the date control is obtained through the date the control ceases. The subsidiaries&#8217; accounting policies are aligned with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The financial statements used in the consolidation process are prepared based on the accounting policies described above and include the financial statements of the Company and its subsidiaries listed below, and have been prepared in accordance with the following criteria: (a)&nbsp;elimination of intragroup balances between consolidated companies; (b)&nbsp;elimination of the Parent Company&#8217;s investments against the related investee&#8217;s equity, as applicable; (c)&nbsp;elimination of revenues and expenses arising from transactions between consolidated companies; and (d)&nbsp;elimination of profits on inventories, when applicable, arising from sales between consolidated companies.</FONT></P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Equity interests (%)</FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Companies</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></U></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Main activities</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp; </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Direct interest:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Full consolidation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 22.65pt; TEXT-INDENT: -5.65pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Namisa International Min&#233;rios, S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial transactions, product sales and holding equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Indirect interests:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Full consolidation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="45%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 25.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Namisa Europe, LDA.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Ore sale and financial transactions</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 25.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Namisa Handel GmbH</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Ore sale and financial transactions </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 25.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">CSN Handel GmbH</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Ore sale and financial transactions </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="31%">

   <P style="MARGIN: 0cm 0cm 0pt 25.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Namisa &#193;sia Limited</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Commercial representation</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0cm; TEXT-JUSTIFY: inter-ideograph" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3.1 ACQUISITION OF CSN HANDEL GMBH</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 21.3pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On November 30, 2015 Namisa&#8217;s subsidiary Namisa Handel GmbH acquired from CSN its wholly-owned subsidiary CSN Handel GmbH. This acquisition was foreseen in the Investment Agreement entered into by CSN and the Asian Consortium, as mentioned in Note 1, as part of the restructuring of the mining activities concentrated on Congonhas Min&#233;rios S.A. The purpose of Namisa Handel and CSN Handel is to trade iron ore in the international market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 21.3pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As per the Investment Agreement the transaction price shall be paid up to 4 months as from the transaction date and was determined considering the net assets at their book value as of November 30, 2015, which was of R$71,720. The transaction did not generate gain nor loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 21.3pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The assets acquired and the liabilities assumed of CSN Handel, which were merged into Namisa, are described in Note 25. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0cm 12pt 21.3pt; TEXT-JUSTIFY: inter-ideograph" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In accordance with IFRS 3, this transaction was considered a business combination under common control and was recorded at book value and, consequently, the acquisition method was not applied.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0cm; TEXT-JUSTIFY: inter-ideograph" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-16</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4.</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: 12pt" face="Times New Roman">CASH AND CASH EQUIVALENTS</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Cash and bank deposit accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">16,009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2,105</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Short-term investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In Brazil (a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">150,791</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">516,743</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Abroad (b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">366,970</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4,980,291</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">517,761</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">5,497,034</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">533,770</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">5,499,139</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Fixed income - are investments in Bank Deposit Certificates (CDBs) and debentures with yield linked to the variation of the Interbank Deposit Certificate (CDI). &nbsp;These investments yield approximately 100% of the CDI variation and can be immediately redeemed by the Company, without risks of significant changes in their carrying amount.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 24pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Time deposits - temporary deposits in prime banks with daily liquidity, yielding fixed rates until 0.82% per year</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> (0.35% to 0.55% per year in 2014).</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">5.</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: 12pt" face="Times New Roman">TRADE RECEIVABLES</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Current:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade receivables - related parties (note 8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">180,068</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2,751</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Foreign customers </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">540,991</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">123,975</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">721,059</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">126,726</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As of November 30, 2015 and December 31, 2014, there were no past-due receivables and the average days on sales outstanding over the year was 37 days (41 days in 2014). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">To determine the trade receivables recoverability, the Company takes into consideration any change in the customer&#8217;s creditworthiness from the date the credit was originally granted through the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">6.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">INVENTORIES</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman">2014</FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Finished goods</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">36,370</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">37,546 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Raw materials</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">571</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">8,974 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Storeroom supplies</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">27,352</FONT></U></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">30,931 </FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">64,293</FONT></U></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">77,451 </FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Company assesses periodically the need to recognize a provision for inventory at realizable value and, as of November 30, 2015 and December 31, 2014, there was no need to recognize such a provision. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-17</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclPageBorder375"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader375"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US style="TEXT-TRANSFORM: uppercase">7.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US>RECOVERABLE TAXES </FONT>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=#000000 face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=#000000 face="Times New Roman">2014</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Income tax and social contribution overpaid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">21,542</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">729</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">State VAT (ICMS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">135,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">137,386</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Taxes on revenue (PIS and COFINS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">4,980</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Withholding Income Tax (IRRF)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">8,134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">1,384</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">165,778</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">144,755</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Current </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">35,578</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">21,077</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Noncurrent </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">130,200</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">123,678</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">165,778</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">144,755</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">The increase on income tax and social contribution overpaid refers to credits of income tax on financial investments redemptions only used to reduce tax payable on December, 2015 (there was no taxable income until November). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">The noncurrent portion refers basically to ICMS credits. Namisa is predominantly an export company, accumulating ICMS credits in its branches, mainly in Congonhas-MG due to its mining processing operations with CSN and also in Ouro Preto and Fernandinho due to its purchases of electric power and diesel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">The Company's management periodically assesses the recovery of ICMS credits and concluded that it is not necessary to record any provision for impairment of these credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">The Company has been successful in realizing the ICMS credits through the acquisition of trucks for iron ore transportation. As described in note 1 to the financial statements, the Company will be merged into Congonhas Minerios, the Company ensures that it will use the entire balance of ICMS credits in domestic sales, mainly to supply CSN&#8217;s demands. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.2pt" face="Times New Roman">8.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.2pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.2pt" face="Times New Roman">RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">The Company&#8217;s operations are integrated with CSN, mainly the supply of iron ore from Casa Pedra, the port loading at the Coal Terminal (TECAR) in Itagua&#237;, RJ, and the use of railway transportation with MRS Log&#237;stica S.A. &nbsp;(&#8220;MRS Log&#237;stica&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">As of November 30, 2015 and December 31, 2014, the balances of assets and liabilities and the transaction amounts are as follows:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-18</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader376"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US style="LETTER-SPACING: -0.2pt">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.2pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="LETTER-SPACING: -0.2pt">Balance sheet accounts </FONT>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="40%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="40%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">MRS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Asian </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">MRS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Asian </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">CSN</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Log&#237;stica</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Consortium</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">CSN</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Log&#237;stica</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Consortium</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Assets</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 5.65pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Current assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">180,068</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">180,068</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2,751</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2,751</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Other receivables (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">147,335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">147,335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">51,874</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">51,874</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Dividends (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">15,156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">15,156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,011</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Prepayments (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">113,847</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">113,847</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">247,077</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">247,077</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">441,250</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">15,156</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">456,406</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">301,703</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,911</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp;&nbsp; 310,714</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Noncurrent assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Prepayments (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,310,901</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,310,901</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,236,170</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,236,170</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,310,901</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">- </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,310,901</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,236,170</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">9,236,170</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Liabilities</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%"><FONT lang=EN-US style="FONT-SIZE: 7.5pt">&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%"><FONT lang=EN-US style="FONT-SIZE: 7.5pt">&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%"><FONT lang=EN-US style="FONT-SIZE: 7.5pt">&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%"><FONT lang=EN-US style="FONT-SIZE: 7.5pt">&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 5.65pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Current liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">549,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">3,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">552,483</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">11,558</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">13,872</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Loans and financing (note 13)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">364,118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">364,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Dividends (note 16)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">694.080</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">462,720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">1,156,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">33,458</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">22,306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">55,764</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt 11.35pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">176,115</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">837</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">176,952</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">74,720</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">3,999</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp; 78,719</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">1,419,336</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">4,179</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">462,720</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">1,886,235</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">483,854</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp; 6,313</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">22,306</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">512,473</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0cm 57.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="Times New Roman">Refer to amounts recorded in the balance sheet, in line item &#8216;Loans and receivables&#8217;.</FONT></P>

<P style="MARGIN: 12pt 0cm 0pt 57.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal" face="Times New Roman">Refer to amounts recorded in the balance sheet, in line item &#8216;Advances to suppliers&#8217;.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-19</FONT></P>

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<A name="page_22"></A>

<a name="_bclHeader377"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US>Related-party transactions </FONT>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="48%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" width="48%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2015</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Income statement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">CSN</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">MRS Log&#237;stica</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Asian Consortium</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total </FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">176,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">176,070</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(105,452)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(87,069)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(192,521)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Finance income (expense), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(5,904)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">6,145</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">241</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Exchange gains (losses), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(80,706)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(80,706)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp; (15,992)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(80,924)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">- </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(96,916)</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" width="48%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" width="48%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Income statement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">CSN</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">MRS</FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Log&#237;stica</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Asian Consortium</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">7,126</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">7,126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(316,355)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(174,329)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(490,684)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Finance income (expense), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">1,028,431</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">21,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">1,049,533</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Exchange gains (losses), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(50,412</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(50,412</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">668,790</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">153,227</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">-</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">515,563</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 4.25pt; PADDING-RIGHT: 4.25pt" width="48%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0cm 40.7pt"><FONT lang=EN-US style="FONT-SIZE: 1pt; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 9pt 40.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Description of agreements with related parties</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The following is a description of the main transactions with related parties: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt 62.4pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">CSN &#8211; prepayment and ore exports</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt 62.35pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company entered into long-term agreements with CSN for port operation services and raw iron ore supply (&#8220;ROM&#8221;) from the Casa de Pedra mine, as described below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt 76.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">Port operation services and iron ore supply agreement</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62.35pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On December 30, 2008, the Company entered into an agreement to acquire port services and purchase iron ore with CSN, for an estimated 34-year period. The volume agreed is 1.7 billion metric tons of raw iron ore and port services for a volume of 1.1 billion metric tons. The Company prepaid the equivalent to approximately 50% of the value added of ROM and port services, amounting to R$7.3 billion. Until December 12, 2014, the prepaid amounts were adjusted for interest at the rate of 12.5% per year. On December 12, 2014, the Company&#8217;s shareholders approved the &#8220;Transitional Agreement&#8221;, an investment agreement for a new strategic alliance between CSN and the Asian Consortium aimed at consolidating the mining activities at Congonhas, currently a subsidiary of CSN, which will involve, among other actions, the merger of the Company (&#8220;Transaction&#8221;). The &#8220;Transitional Agreement&#8221; canceled the clauses that established interest of 12.5% p.a. on these agreements, including the creation of a resolutory condition linked to the consummation of the transaction that will reestablish the collection of interest retroactively, if this transaction does not materialize. &nbsp;The Transaction was concluded through the signing of a new Congonhas shareholders agreement on November 30, 2015, ratifying that there is no need to recognize interest of 12.5% p.a. on these agreements retroactively. As result of the conclusion of the transaction between CSN and Asian Consortium, on December 31, 2015, these agreements were extinguished by the merger of Namisa into Congonhas. </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-20</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<A name="page_23"></A>

<a name="_bclHeader378"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US>ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US>Loans (export prepayments) </FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 63.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company entered into export prepayment financial agreements with certain CSN subsidiaries, which are detailed in note 13. During the first semester of 2015, these agreements were totally paid. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62.4pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">MRS Log&#237;stica </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 63.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company entered into a long-term railway transportation service agreement to ship and handle its production. The obligations assumed and the amounts involved as detailed in note 15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 63.8pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Asian Consortium</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 63.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company usually exports its products to the members of the Asian Consortium, under long-term agreements and at prices based on market quotations, but there was no sales in 2014 and 2015 years. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 63.8pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">v)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Namisa Handel GmbH (&#8220;Namisa Handel&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 63.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company exports iron ore to Namisa Handel, which is its wholly-owned subsidiary, to sell the iron ore in the international market.</FONT></P>

<P style="MARGIN: 12pt 0cm 11pt 103.05pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Management compensation </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The key management personnel, who have the authority and responsibility for planning, managing and controlling Company operations, include the members of the Board of Directors, the statutory officers, and the other officers. The table below shows the breakdown of their compensation during 2015 and 2014:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Short-term benefits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2,282</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3,467</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Post-employment benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">25</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">24</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2,307</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3,491</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman">9.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">INCOME TAX AND SOCIAL CONTRIBUTION</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">Income tax and social contribution recognized in the income statement are as follows: </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Current</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(162,062)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(359,070)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Deferred </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">13,098</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; (153,843</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(148,964)</FONT></P></DIV></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">512,913</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-21</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_24"></A>

<a name="_bclHeader379"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US>The reconciliation of the consolidated income tax and social contribution expenses with the effective statutory rates is as follows: </FONT>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Profit before income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2,055,450</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1,616,393</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Income tax and social contribution expenses based on pretax profit, at their combined statutory rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">34%</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">34%</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(698,853)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(549,574)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Effect of income tax on permanent differences:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Tax-exempt foreign profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">561,078</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(456)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0pt 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Transfer pricing adjustments (PECEX)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(10,695)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(3,954)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0pt 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Adjustment to the 2013 provision for income tax and social contribution to calculate the effective obligation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">23,808</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0pt 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Other permanent differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(494)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">17,263</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Income tax and social contribution expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(148,964)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">512,913</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 1pt; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Deferred income tax and social contribution are recognized to reflect the future tax effects attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts, as shown below:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">IRPJ/CSLL</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Provision for losses - advances to suppliers</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">3,297</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">3,297</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Operating provisions related to energy, services and other</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">47,740</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">33,371</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt 13.6pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">IRPJ/CSLL liability &#8211; goodwill Cayman and CFM deducted under the Transitional Tax Regime (RTT)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(196,700)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(196,700)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt 13.6pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Other </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">5,545</FONT></P></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">8,158</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">140,118</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(151,874)</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The movement in the deferred taxes balance in the eleven month-period ended November 30, 2015 and year ended December 31, 2014 is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">IRPJ/CSLL</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Opening balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(151,874)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,968</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Goodwill amortization for tax purposes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(162,383)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Recognition of operating provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">14,369</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">12,531</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Adjustments for temporarily nondeductible inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(6,553)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(3,990)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Other</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">3,940</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Closing balance</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">140,118)</FONT></P></DIV></DIV></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(151,874)</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="Times New Roman">Law&nbsp;12,973/14, enacted in May 2014, brought significant changes to tax legislation, which among others, revoked the Transition Tax Regime (RTT).Theses changes directly affects </FONT>

<a name="page_380"></a>
<FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="Times New Roman">the determination of the income tax and social contribution basis. As from 2015, the application of the Law is mandatory and CSN applied the Law&#180;s requirements.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-22</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_25"></A>

<a name="_bclHeader380"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<P style="MARGIN: 0cm 0cm 0cm 22.5pt; TEXT-INDENT: -22.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">10.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="85%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015 and 2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Investment in equity securities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">171,760</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The following is a brief description of the investments: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">MRS Log&#237;stica </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 36.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">In November 2008, CSN capitalized at Namisa 10% of the nonvoting, nonconvertible class &#8220;A&#8221; preferred shares of MRS Log&#237;stica, for R$172 million, as disclosed in the subscription report and share valuation report issued by MRS Log&#237;stica.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">MRS Log&#237;stica is a corporation engaged in the operation and development of public cargo railway transportation services in the Southeast, which covers Rio de Janeiro, S&#227;o Paulo, and Belo Horizonte.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The investment in MRS is stated at historical cost.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 18pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">11.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">PROPERTY, PLANT AND EQUIPMENT</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Breakdown of property, plant and equipment</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="36%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="36%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Depr.rate (% p.a.)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cost</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Accumulated depreciation</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Depr. rate (% p.a.)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cost</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Accumulated depreciation</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom rowSpan=2 width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 32.35pt">

   <TD style="HEIGHT: 32.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Land</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,442</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,442</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,442</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,442</FONT></P></TD></TR>

<TR style="HEIGHT: 21.3pt">

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Buildings</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,90</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">191,511</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(15,066)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">176,445</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.25</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">120,417</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(10,251)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">110,166</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.91</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,429</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,563)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,866</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.82</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,654</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,328)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,326</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Vehicles</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.21</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,068</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(587)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">481</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.19</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,068</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(458)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">610</FONT></P></TD></TR>

<TR style="HEIGHT: 21.3pt">

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Machinery, equipment and facilities</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.49</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">240,850</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(102,834)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">138,016</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.12</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">208,844</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(81,042)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">127,802</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Computer equipment</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.69</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,803</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(3,181)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">622</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.69</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,830</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,843)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">987</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Mines and ore deposits</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(*)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,172</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(158)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,014</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(*)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13,232</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1,625)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11,607</FONT></P></TD></TR>

<TR style="HEIGHT: 21.3pt">

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Improvements in infrastructure and drainage</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.00</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11,054</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(533)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,521</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.00</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,465</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(140)</FONT></P></TD>

   <TD style="HEIGHT: 21.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,325</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Leasehold improvements </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.00</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">50,422</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,249)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">48,173</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.97</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">51,592</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,577)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">49,015</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Other assets</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,925</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,925</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,766</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,766</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Construction in progress</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">121,072</FONT></P></DIV></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">121,072</FONT></P></DIV></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">240,663</FONT></P></DIV></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">240,663</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">638,748</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(127,171)</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">511,577</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">664,973</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(101,264)</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">563,709</FONT></P></DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 58.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(*)&nbsp;&nbsp; The depletion of ore deposits is calculated based on the volume of ore extracted as compared to the mineable reserve, and the Company estimates that the deposits will be depleted in 30 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Construction in progress </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.8pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Costs classified as construction in progress are basically composed of services acquired and parts and pieces purchased, to be used as investments for performance improvement, technological upgrading, expansion, and acquisition of assets, which will be transferred to the related line items and depreciated from the moment they become available for use. As </FONT>

<a name="page_381"></a>
<FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">of November 30, 2015 and December 31, 2014, the balance is apportioned among the following projects:</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-23</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_26"></A>

<a name="_bclHeader381"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>




<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Main projects </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Expansion of administrative facilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">13,333</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Expansion of production capacity &#8211; Pires</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">66,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">143,187</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Pelletization plant</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">32,107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">31,187</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Expansion of production capacity &#8211; Fernandinho</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">17,074</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">22,146</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 34,882</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">121,072</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">240,663</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 2pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Movement in property, plant and equipment:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Opening<BR></FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">&nbsp;balance&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Additions</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Transfer </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Depreciation</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Other movements</FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman"> (*)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">Closing<BR></FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">&nbsp;balance&nbsp;</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Land</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,442</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,442</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">110,166</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">72,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(5,009)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1,452)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">176,445</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Machinery, equipment and facilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">127,802</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">559</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">38,077</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(31,082)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">2,660</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">138,016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Furniture and fixtures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(358)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(221)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">2,866</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Vehicles</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">610</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(129)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">481</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Computer equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">987</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(362)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">622</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Mines and ore deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">11,607</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(8,562)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Improvements in infrastructure and drainage </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">589</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(393)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,521</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Leasehold improvements </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">49,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">80</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(919)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">48,173</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,766</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">127</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">853</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,925</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Construction in progress</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">240,663</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">16,561</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">&nbsp;(111,490)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(24,662)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">121,072</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">563,709</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">17,545</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">-</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">38,253</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">31,424</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">511,577</FONT></P></DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 24pt 59.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(*)&nbsp;&nbsp;&nbsp; During the year the Company transferred R$39,285, related to the assets of Fernandinho, Cayman and Pedras Pretas, as described on General Information, for the Transaction proposes, compensate with acquisition of some trucks &nbsp;with ICMS credits (R$7,154).</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-24</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_27"></A>

<a name="_bclPageBorder382"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader382"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV><FONT lang=EN-US>12.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US>INTANGIBLE ASSETS </FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The carrying amounts of intangible assets as of November 30, 2015 and December 31, 2014 are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="43%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Amortization rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Accumulated </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(% p.a.)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cost</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amortization</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Goodwill &#8211; CFM</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">578,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">578,531</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Software</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">19.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 6,484</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(3,046)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3,437</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">585,015</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(3,046)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">581,968</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="43%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Amortization rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Accumulated </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="32%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(% p.a.)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cost</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amortization</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Goodwill &#8211; CFM</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">578,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">578,531</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Software</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">19.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 6,442</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,863</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 4,579</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">584,973</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,863</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">583,110</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><I><FONT lang=EN-US style="FONT-SIZE: 1pt" face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Nature of goodwill based on future profitability</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In July 2007, Namisa acquired Companhia de Fomento Mineral e Participa&#231;&#245;es - CFM (&#8220;CFM&#8221;), located in Ouro Preto, State of Minas Gerais, and its wholly-owned subsidiary Cayman Minera&#231;&#227;o do Brasil Ltda. &nbsp;(&#8220;Cayman&#8221;), which were engaged in the extraction of iron ore and also owned iron ore processing facilities in the same State. The goodwill arising on this transaction is based on expected future profitability and was allocated to a single CGU since the Company operates only in the mining segment and all its assets generate cash flows together. This amount has not been amortized since 2009 due to the adoption of the international financial reporting standards (IFRS) and its carrying amount represents the net amount existing when the amortization was discontinued.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Impairment test</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 21.3pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use cash flow projections, before income tax and social contribution, based on the business plan approved by Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">To prepare the cash flow projection that supported this valuation, the Company adopted the following assumptions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Gross margin: this margin was calculated based on the expansion plans already approved in the Company&#8217;s business plan. The iron ore prices in the international market were used as basis in projections prepared by official mining industry institutions and the foreign exchange rate was calculated using a projected US dollar curve in real terms through 2019, disclosed by the Central Bank of Brazil (BACEN), since from 2019 onward the change used is zero.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Cost adjustment: cost adjustment was based on historical data and price and foreign exchange curves used in industry reports.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-25</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Growth rate: the cash flow projection period extends to 2067 due to the length of some projects&#8217; implementation periods and the termination dates of the main agreements based on which the business plan was developed. It is not necessary, therefore, to take into consideration a growth rate since the projection period exceeds 50 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Discount rate: set at 13.91% per year, after taxes on income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">13.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">LOANS AND FINANCING</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Current liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0pt 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">PPE - related parties (note 8).</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">364,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 13.6pt; TEXT-INDENT: -6.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) &#8211; FINAME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4,680</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 4,700</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4,680</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 368,818</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Noncurrent liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0pt 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) &#8211; FINAME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 25,307</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 29,541</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">29,987</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">398,359</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The table below shows fundings, payments and accruals on our loans and financings during the year:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">11/30/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">398,359 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">382,209</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Funding transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">15,747</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Payment of principal</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(441,938)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(49,408)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest payments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(3,035)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(23,017)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Provision of interest</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">2,797</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">24,682</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Foreign exchange</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">73,804</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">48,146</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">29,987</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">398,359</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Loans and financing from related parties paid in 2015 refer basically to export prepayments with CSN&#8217;s subsidiaries. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The outstanding balance is related to BNDES loan to purchase operating equipment, amounting to R$29,987 (R$34,241 as of &nbsp;December, 2014), with average repayment term of 100 months and bearing interest between 5.5% and 8.0% per year, payable on a monthly basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The maturities of the noncurrent portion of the loans are disclosed in note 23.d).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">None of the existing loan agreements contain restrictive covenants. The agreements entered into with the BNDES are collateralized by the financed assets.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-26</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_29"></A>

<a name="_bclHeader384"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.4pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.4pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">14.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">PROVISION FOR RISKS </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 12pt 22.4pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The provisions for risks were estimated by Management based on information provided by its legal counsel (in-house and external), who analyzed the outstanding lawsuits. The provisions were set up in an amount considered sufficient to cover potential losses on the outstanding lawsuits, as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="11%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Labor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4,391</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">149</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Civil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Environmental</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;3,074</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">977</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">7,486</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,126</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Additionally, the Company is party to other lawsuits classified by the legal counsel as possible losses, which totaled R$2,950,525 as of November 30, 2015 (R$2,626,004 as of December 31, 2014), of which R$19,294 (R$21,381 as of December 31, 2014) in labor lawsuits, R$67,531 (R$1,786 as of December 31, 2014) in civil lawsuits, R$2,843,096 (R$2,593,015 as of December 31, 2014) in tax lawsuits, and R$20,604 (R$9,863 as of December 31, 2014) in environmental lawsuits.We present below a brief description of the most significant lawsuits with the likelihood of loss as possible: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Administrative proceeding - IRPJ/CSLL assessment notice on profits abroad amounting to R$330,908 (R$285,825 as of December 31, 2014), including principal, fine, and interest: &nbsp;this tax assessment notice refers to the assessment of income tax and social contribution on 2008 profits reported by foreign subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Administrative proceeding - IRRF assessment notice of R$170,178 (R$161,530 as of December 31, 2014), including principal, fine, and interest: this tax assessment notice refers to the assessment of a Withholding Income Tax (IRRF), allegedly due by Namisa as the taxpayer responsible for withholding and payment of the tax levied on the capital gain earned by a legal entity domiciled abroad, which sold an asset in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Administrative proceeding - IRPJ/CSLL assessment notice of R$2,242,166 (R$2,036,676 as of December 31, 2014), including principal, fine, and interest: &nbsp;this tax assessment refers to the disallowance of the amortization of goodwill expenses in 2009, 2010 and 2011, as a result of the merger of Big Jump Energy Participa&#231;&#245;es S.A.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-27</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_30"></A>

<a name="_bclHeader385"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">15.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: normal" face="Times New Roman">CONTRACTUAL OBLIGATIONS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">In January 2011 the Company, together with the shareholder CSN, entered into an iron ore railway transportation agreement with MRS Log&#237;stica, for a 16-year period. This agreement contains a clause that ensures a minimum payment of 80% of the volume contracted, irrespective of the volume carried (&#8220;take-or-pay&#8221;). The minimum future payment required until the termination of the agreement is approximately R$3,959,054, distributed as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">10,535</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">166,806</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">175,146</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">210,514</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">227,342</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Others years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 3,168,711</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="84%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3,959,054</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">16.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">SHAREHOLDERS EQUITY</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 40.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Paid-in capital</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Company&#8217;s paid-in capital is R$1,961,510 (R$2,800,000 as of December 31, 2014), represented by 472,236,944 (475,067,405 as of December 31, 2014) common shares without par value, of which are held by the shareholders as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">December 31, 2014 and November 30, 2015 (before the transaction described in Note 1)</FONT></U></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Shareholders</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Country </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Number </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"><BR>of shares</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Equit</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">y interest (%)</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">285,040,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">60.00</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Brazil Japan Iron Ore Corporation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Japan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">154,491,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">32.52</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">POSCO</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">South Korea</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">30,784,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">6.48</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">China Steel Corporation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">China</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; 4,750,674 </FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; 1.00</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">475,067,405 </FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">100.00</FONT></P></DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">November 30, 2015 (after transaction described in Note 1)</FONT></U></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Shareholders</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Country </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Ordinary</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Preferred</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> shares</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Equit</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">y interest (%)</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">282,209,982</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">282,209,982</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">59.76</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">86,262,061</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">103,764,901</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">190,026,962</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">40.24</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">368,472,043</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">103,764,901</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">472,236,944</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">100.00</FONT></P></DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">December 31, 2015 (before merger by Congonhas described in Note 1)</FONT></U></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Shareholders</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Country </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Ordinary</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Preferred</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> shares</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Equit</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">y interest (%)</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">368,472,043</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">103,764,901</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">472,236,944</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">100.00</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-28</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_31"></A>

<a name="_bclPageBorder386"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader386"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On February 12, 2015, the Company paid as capital reduction of R$777,930, after 60 days from the act publication date of the Extraordinary Shareholders Meeting held on December 12, 2014. With such capital reduction, the Company&#8217;s capital was decrease from R$2,800,000 to R$2,022,070.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In 2014, the main corporate acts analyzed in meetings were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">At the Annual Shareholders Meeting held on March 28, 2014 the shareholders approved the consolidated financial statements of Namisa for the years ended December 31, 2013 and 2012. The allocation of the profit for the year ended December 31, 2013 to an earnings reserve was approved, as set out in Article 195 of Law 6,404/76. The shareholders also approved the payment of the remaining balance of the dividends proposed for the year ended December 31, 2011 amounting to R$336,673.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on July 17, 2014 the shareholders approved the proposal for bylaws of the recently created subsidiary Namisa Asia Limited.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on December 12, 2014, agreements were signed with related parties in order to consolidate the mining assets of the shareholder CSN with those of the Company, as described in General Information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on December 12, 2014 the shareholders approved the Company&#8217;s capital reduction by R$777,930 to be paid in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 1cm; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In 2015, the main corporate acts analyzed in meetings were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 108%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">At the Annual Shareholders Meeting held on April 30, 2015 the shareholders approved the consolidated financial statements of Namisa for the years ended December 31, 2014 and 2013. The allocation of the profit for the year ended December 31, 2014 was approved as follows: (a) the amount of R$1,047,716 to earnings reserve, as set out in Article 195 of Law&nbsp;6,404/76; (b) the remaining amount of R$55,764as dividends proposed for the year ended December 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 108%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on November 30, 2015, the shareholders deliberates as dividends&nbsp; the amount of R$6,499,436 (R$5,977,397 from earning reserves and R$522,039 from part of the profits from de current year), as describe in notes 16.d), 16.e) and 16.f). The payment of R$5,342,636 was made at the same date and R$1,156,800 will be made until November 30, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 108%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on November 30, 2015, the shareholders approved a partial split involving the assets of Fernandinho, Cayman and Pedras Pretas for merger in the Minera&#231;&#227;o Nacional S.A., a CSN subsidiary, at a book value of R$60,560 according to the appraisal report. As a result of this split of assets, the capital was reduced in the same amount. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">(viii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 108%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on November 30, 2015, the shareholders approved a conversion of 103,764,901 ordinary shares owned by Congonhas to preferred shares. These preferred shares have: a) full voting rights; b) priority on payments of fixed annual dividends corresponding to 0,000000160606500383614% of the Company&#8217;s capital.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-29</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_32"></A>

<a name="_bclPageBorder387"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader387"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 58.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">(ix)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 108%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 108%" face="Times New Roman">At the Extraordinary Shareholders Meeting held on November 30, 2015, the shareholders declare and paid, on this date, dividends of R$326,891 from the current profit of the year, based on the extraordinary balance sheet of September 30, 2015, to the owners of&nbsp; preferred shares.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-30</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_33"></A>

<a name="_bclHeader388"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Capital reserve</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The capital reserve of R$6,473,699 as of November 30, 2015 and December 31, 2014 comprises R$5,081,840 recognized on December 30, 2008 related to premium arising on the issuance of 187,749,249 new registered common shares, without par value, subscribed and paid in by Big Jump Energy Participa&#231;&#245;es S.A., at the unit price of R$38.81, of which R$3.08 represents the unitary issuance price, set according to Article 170, II, of Law 6,404/76, and R$35.73 per share was allocated to the capital reserve; and special goodwill reserve on the merger of Big Jump Energy Participa&#231;&#245;es S.A., amounting to R$1,391,859, as approved at the Extraordinary Shareholders Meeting held on July 30, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Legal reserve</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Since 2012 the Company, in its interpretation of Article 193, paragraph 1, of the aforementioned Law, has not recognized the legal reserve as it understands that its capital reserves exceed 30% of the issued capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Allocation of results</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Until the signing of the Investment Agreement on December 12, 2014 between CSN and the Asian Consortium described in Note 1, management questioned the contractual interests mechanism that was used for adjusting the prepayment balances under the operating agreements mentioned in Note 8(c) because it was understood that the interests were causing distortions on the cash flows and results of operations of the Company. Considering this, management submitted to the Board of Directors a proposal to address the contractual interests issue, which was not approved by the Board of Directors. The financial statements related to the years ended before and as of December 31, 2014 were prepared based on the terms of the agreements and included the interests accrual capitalized on the prepayment balances at the contractually established interest rates. As a result, the amount under discussion of interests accrued throughout those years was not fully paid as dividends and, instead, were retained in a specific reserve. In this context, the amounts allocated to that specific reserve basically corresponded to the interests income generated from the operating agreements in the three-year ended December 31, 2014, as illustrated below. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Finally, as a result of the Investment Agreement signed in December 2014, CSN and the Asian Consortium agreed to extinguish the interests accrual on the operating agreements and determined the payment as dividends of the full amount retained in that specific reserve. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">As these financial statements were not prepared for the twelve-month period ended December 31, 2015, as explained in Note 2, the Brazilian Corporate Law does not require the Company to propose and approve in a General Meeting the distribution of net results based on the eleven-month period ended November 30, 2015. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Profit of the period / year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,744,848</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,103,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Proposed dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(848,930)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(55,764)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Earnings reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">895,918</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,047,716</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-31</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_34"></A>

<a name="_bclHeader389"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Dividends</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company's bylaws foresees for the payment of minimum dividends equivalent to 50% of the net profit for the year, adjusted according to the corporate law (Law 6404/76); however, in the years ended December 31, 2014, in order to avoid the payment of dividends that may be affected by the above mentioned discussions that are still pending, dividends were proposed in the limit of the operating results, amounting to R$55,764.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">As a condition to sign a new Congonhas Shareholders Agreement, the shareholders approve on November 30, 2015, in a Extraodinary Shareholders Meeting, to distribute dividends of R$6,499,436, of which R$5,977,397 from Earnings reserve and R$522,039 from the Profit of the year 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The shareholders also approve to distribute and paid a fixed dividends of R$326,891 from the Profit of the year 2015, to the preferred shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Earnings</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> reserve </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Extraodinary Shareholders Meeting on November 30, 2015 deliberates to use R$5,977,397 to distribute extraordinary dividends from earning reserves. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">In view of the scenario previously described, Company's Management proposes the allocation of a portion of the results for the years ended December 31, 2014 for the recognition of earnings reserve as required by Article 196 of Law 6,404/76, amounting&nbsp; to R$1,047,716.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">There is no deliberation for the remaining Profit of the year 2015 of R$895,918 as on November 30, 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">17.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">EARNINGS PER SHARE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Basic earnings per share were calculated based on profit for the year divided by the weighted average number of common shares outstanding during the year. The Company does not have treasury shares. Earnings per share were calculated as shown in the table below:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Profit attributable to Namisa&#8217;s owners</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,744,849</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,103,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Fixed dividends on prefered shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">326,891</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Profit on ordinary shares&nbsp; attributable to Namisa 's owners</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,417,958</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,103,480</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Weighted average number of thousand of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp; 474,810</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">475,067</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Basic earnings per shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 2,9864</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; 2,3228</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Preferred shares number of thousand of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">103,766</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Basic earnings per shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3,1503</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Company does not have instruments convertible into shares in the reporting years, therefore, basic earnings per share are equal to diluted earnings per share.</FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-32</FONT></P>

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<A name="page_35"></A>

<a name="_bclHeader390"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">18.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">NET OPERATING REVENUE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The reconciliation between gross revenues and net revenues disclosed in the income statement is detailed below. The decrease in net revenues in 2015 compared to 2014 was due to the lower prices and lower volume produced and sold during the year. The increase in the domestic market in 2015 was due to implementation of services provided to CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 1pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Gross operating revenue:</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</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%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">191,902</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">21,654</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">603,164</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,403,054</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Accrual for price adjustment according to sales contracts </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(23,419)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(53,070)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">771,647</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,477,778</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Deductions:</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Taxes on sales</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(20,051)</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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(2,719)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt 6.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Returns and rebates</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(1</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(1</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Net operating revenue</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">751,595</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,475,058</FONT></P></DIV></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">19.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">INFORMATION ON THE NATURE OF THE EXPENSES RECOGNIZED IN THE INCOME STATEMENT&nbsp;&nbsp;</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="36%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Consolidated</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Third-party material</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(171,721)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(406,358)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Port handling</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(77,643)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(219,429)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Railway freight</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(83,339)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(168,863)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Freight and insurance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(70,252)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(202,926)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Raw material</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(152,262)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Labor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(103,101)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(108,256)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Operating services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(40,105)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(76,820)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Maintenance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(48,640)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(51,376)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Demurrage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(2,773)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(11,069)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Infrastructure services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(31,972)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(17,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Depreciation/amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(39,436)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(45,806)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(23,425</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(49,464</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">692,407</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">1,510,556</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Cost of goods sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(479,861)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(995,192)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(152,813)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(433,424)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(34,180)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(54,029)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(25,553</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(27,911</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">692,407</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">1,510,556</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As mentioned in note 18, the decrease in costs in 2015 reflects the lower volume produced and sold.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-33</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_36"></A>

<a name="_bclHeader391"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">20.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">FINANCIAL RESULTS</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest expenses:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(7,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(23,809)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest and fines &#8211; REFIS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(1,234)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Tax on financial transactions <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(21,847)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(21)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other interest expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; (13,175</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(12,478)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(42,076)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(37,542)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest income:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,052,240</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6,146</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">21,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Reversal of interest and fines - REFIS </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest on short-term investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">44,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">76,509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">260</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2,235</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">51,945</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,153,129</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Financial income, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">9,669</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,115,587</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%"><FONT lang=EN-US>&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%"><FONT lang=EN-US>&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT lang=EN-US>&nbsp; </FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Exchange rate differences:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%"><FONT lang=EN-US>&nbsp; </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT lang=EN-US>&nbsp; </FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Gains:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">24,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">12,092</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Third parties<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,941,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">587,334</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Losses:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(104,847)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(62,504)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(35,471)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(97)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Exchange rate gains, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,825,444</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">536,825</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Monetary rate losses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(489</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(521</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Exchange and monetary gains (losses), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,824,955</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">536,304</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(1) Financial transaction tax (IOF) on remittance of dividends paid by subsidiary Namisa International.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(2) Mainly exchange variation on short-term investments in US dollars ( time deposit )</FONT></P>

<P style="MARGIN: 12pt 0cm 12pt 22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">21.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">POSTEMPLOYMENT BENEFITS &#8211; PRIVATE PENSION FUND PROGRAM</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company sponsors a pension plan created in 2012, managed by a private pension fund (CBSPREV Namisa), which grants to employees defined contribution plan and defined risk benefit plan (sickness allowance, disability retirement pensions, and survivors&#8217; pensions), funded by the sponsor (50%) and by the employees (50%).</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-34</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_37"></A>

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<a name="_bclHeader392"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">22.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">TAX RECOVERY PROGRAM (REFIS)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">The accounting balance presented as non-current liabilities as of November 30, 2015 includes other taxes payables other than REFIS program and totalized R$75,665 (R$73,828 as of December 31, 2014). </FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-35</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_38"></A>

<a name="_bclHeader393"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 24pt 0cm 12pt 22.7pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">23.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: char" face="Times New Roman">FINANCIAL INSTRUMENTS </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">Identification and measurement of financial instruments</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">The Company&#8217;s financial instruments consist of short-term investments, trade receivables, trade payables, and loans and financing. The Company does not use derivative financial instruments, such as currency swaps or interest swaps.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">The amounts are recognized in the financial statements at their amortized cost and are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Classification of financial instruments</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2014</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">receivables</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other liabilities at amortized </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">cost</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">receivables</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other<BR>liabilities at amortized </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">cost</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Assets</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Current:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">533,770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">5,499,139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">721,059</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">126,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">115,693</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">250,469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">162,544</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">61,026</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Noncurrent:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">9,310,901</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">9,236,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Liabilities</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Current:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4,680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">368,818</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">573,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">51,772</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1,156,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">55,764</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Advances from customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">8,912</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Noncurrent:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 17pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">25,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">29,541</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">Financial risk management policy</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 41.1pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">The Company has and follows a risk management policy, containing guidelines regarding the incurred risks. Pursuant to this policy, the nature and general position of financial risks are monitored and managed on a regular basis to assess the results and the financial impact on cash flow. The credit limits are also reviewed on a periodic basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 41.1pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 1pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-36</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_39"></A>

<a name="_bclHeader394"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 41.1pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">The risk management policy was set by the Board of Directors. Under this policy, the market risks are hedged to maintain the corporate strategy or the financial flexibility level.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">Liquidity risk</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 41.1pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The liquidity risk is the risk that the Company may not have sufficient funds to honor its financial commitments as a result of mismatching of terms or volumes between expected amounts collectible and payable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 41.1pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">To manage cash liquidity both in domestic and foreign currencies, future disbursements and cash inflow assumptions are established and daily monitored by the treasury department. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman">The table below shows the contractual maturities of financial assets and liabilities, including the payment estimate:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">As of December 31, 2015</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Less than one year</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">From one to two years</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">From two to five years</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Over five years</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">4,680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">9,237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">15,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">355</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">573,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">As of December 31, 2014</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Less than one year</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">From one to two years</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">From two to five years</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Over five years</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Loans and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">368,818</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">9,237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">18,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">1,875</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">51,773</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.65pt; PADDING-RIGHT: 5.65pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">Foreign exchange risk</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">The Company assesses its foreign exchange exposure by deducting its liabilities from its US dollar-denominated assets to obtain its net foreign exchange exposure, which is actually the foreign exchange exposure risk, and also takes into consideration the maturity of the related assets and liabilities subject to exchange fluctuation. Basically, the Company&#8217;s financial instruments exposed to foreign exchange risk originate from exports and the investments abroad. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 12pt 40.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The consolidated net exposure as of November 30, 2015 is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;2015</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="85%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm; MARGIN-RIGHT: 0pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(amounts in US$&#8217;000)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Cash and cash equivalents abroad</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">99,205</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">138,690</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Receivables from related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">36,437</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">274,332</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">184,409</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Taxes payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">81,031</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">18,877</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Total liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">284,317</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Foreign exchange exposure, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(9,985)</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-37</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_40"></A>

<a name="_bclHeader395"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 40.8pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">Gains and losses on these transactions are consistent with the policies and strategies set by Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 53.9pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Sensitivity analysis </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 53.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">We estimated the adjustments in four scenarios for the consolidated foreign exchange transactions exposed to US dollar fluctuation, using the exchange rate at November 30, 2015 of R$3.8506 per US$1.00, as follows: </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt 68.05pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="courier new">&shy;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Scenario 1: (50% real depreciation) R$/US$ parity of 5.7759.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 12pt 68.05pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="courier new">&shy;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Scenario 2: (25% real depreciation) R$/US$ parity of 4.8133.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0pt 0pt 68.05pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="courier new">&shy;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Scenario 3: (25% real appreciation) R$/US$ parity of 2.8880.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 12pt 0pt 12pt 68.05pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="courier new">&shy;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Scenario 4: (50% real appreciation) R$/US$ parity of 1.9253.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="77%" colSpan=6>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Risk</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US$ benchmark</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="48%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Impacts estimated in Brazilian Reais</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Scenario 1</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Scenario</FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;2</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Scenario</FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;3</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Scenario</FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;4</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Exchange rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.8506</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5.7759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.8133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.8880</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.9253</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">99,205</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">190,999</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">95,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(95,500)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(190,999)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">138,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">267,020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">133,510</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(133,510)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(267,020)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Receivables from related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">36,437</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">70,152</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">35,076</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(35,076)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(70,152)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">274,332</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">528,171</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">264,086</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(264,086)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(528,171)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">184,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">355,041</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">177,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(177,520)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(355,041)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Taxes payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">81,031</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">156,009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">78,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(78,005)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(156,009)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Advances from customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 11.3pt; TEXT-INDENT: -5.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US dollar fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">18,877</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">36,344</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">18,172</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(18,172)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(36,344)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">284,316</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">547,394</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">273,697</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(273,697)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(547,394)</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net effect</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(9,984)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(19,223)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(9,611)</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,611</FONT></P></DIV></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.1pt; PADDING-RIGHT: 5.1pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">19,223</FONT></P></DIV></DIV></TD></TR>

<TR>

   <TD width="23%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Interest rate risk</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The Company did not identify any material floating interest rate and inflation index risk to its long-term liabilities. </FONT></P>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-38</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_41"></A>

<a name="_bclHeader396"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Credit risks</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The exposure to the credit risks of financial institutions follows the parameters set out in the financial policy. The Company adopts the procedure of analyzing in detail the financial position of its customers and suppliers, defining a credit limit and constantly monitoring its outstanding balance. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">By analyzing the geographical distribution of the exports, we can see a strong concentration of sales in Asia. This is due to the fact that China maintains a strong demand for iron ore and the fact that the shareholders are major steel mills located in Japan and Korea, with which the Company has long-term agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">Carrying out most of the sales against the presentation of credit letters and based on customer assessments, as well as the diversification of receivables and the control over sales financing are the usual procedures that the Company adopts to minimize possible credit risks of its business partners. On November 30, 2015, sales to customers that individually account for more than 10% of sales revenue totaled 64%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">As for short-term investments, the Company only makes investments in institutions with low credit risk awarded by rating agencies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 39.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">h)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Capital management</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt 39.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">The Company manages its capital structure for the purpose of safeguarding its ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, while maintaining an optimal capital structure to reduce this cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">24.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">INSURANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Due to the nature of its operations, the Company renewed with a local insurer, for the period from September 30, 2015 to September 30, 2016, the coverage of named perils for the following locations: &nbsp;(a)&nbsp;mine, BR&nbsp;040, km 602, Ouro Preto, MG; (b)&nbsp;mine, Inconfidentes Highway, km 40, no number, Itabirito, MG; (c)&nbsp;office, Rua Iguatemi, 192, 25&#186; andar, Itaim, SP, &nbsp;with coverage of property damages against fire/lightening/any type of explosion, and loss of profits resulting from fire/lightening/any type of explosion, in the total risk amount of R$728,691 (property damages and loss of profits), and indemnity ceilings, in case of accidents, of R$50,000 (fire), and R$122,000 (loss of profits).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The risk assumptions adopted, in view of their nature, are not part of the scope of an audit of the financial statements and, therefore, were not audited by our independent auditors.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><BR clear=all></FONT>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-39</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_36"></A>

<a name="_bclHeader397"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 24pt 0cm 12pt 22.5pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -22.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">25.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">ADDITIONAL INFORMATION TO CASH FLOWS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In 2015, the Company incorporated the subsidiary CSN Handel GmbH and realized the partial split of Fernandinho, Cayman and Pedras Pretas assets into Minera&#231;&#227;o Nacional S.A. Part of the net assets, shown in the following table, is not included in the statement of cash flows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 60pt">

   <TD style="HEIGHT: 60pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 60pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Fernandinho, <BR>Cayman and <BR>Pedras Pretas <BR>assets</FONT></B></P></TD>

   <TD style="HEIGHT: 60pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">CSN Handel<BR>GmbH</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Nov 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Nov 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">-&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77.583 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467.842 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Inventories</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.586 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.038 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Loan and receivables</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139.584 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.364 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Non-current recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.111 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Property, plant and equipament</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.285 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (201)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (548.396)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" 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; </FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.033)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Asset retirement obligation</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.694)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other payables</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">-&nbsp;&nbsp; </FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(64.898)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Net assets</FONT></B></P></TD>

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">60.560 </FONT></B></P></DIV></DIV></TD>

   <TD style="HEIGHT: 17.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">71.720 </FONT></B></P></DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 22.7pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In addition, the Company acquired in 2015 some trucks with recoverable tax (ICMS credits) in the amount of R$7,154.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 22.5pt; TEXT-INDENT: -22.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 110%" face="Times New Roman">26.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 110%" face="Times New Roman">APPROVAL OF THE FINANCIAL STATEMENTS</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 22.5pt; TEXT-INDENT: -22.5pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 21.25pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">These consolidated financial statements were authorized for issuance on April 28, 2016.</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: left; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; TEXT-JUSTIFY: inter-ideograph; PADDING-RIGHT: 0cm" align=left>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>FS-40</FONT></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT_8-1
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit 8.1</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 13.9pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 13.9pt" face=symbol>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 13.9pt" face=arial,sans-serif>Companies</FONT></B></P>

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<IMG border=0 src="img81a.jpg" align=middle></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) They are Dormant Companies, therefore they do not appear in the note 10.a, where is disclosed business information under the equity method and classified as available for sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Events in 2016:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) Company terminated;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2) New corporate name of Minera&#231;&#227;o Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3) Company sold to Can-Pack, as note 4;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(4) New corporate name of Congonhas Min&#233;rios S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(5) Control acquisition, as note 3.2;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(6) Company was incorporated by indirect subsidiary CSN Mining GmbH;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(7) New corporate name of Namisa Handel GmbH;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(8) New corporate name of Namisa Asia Limited;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(9) Company constituted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Exclusive funds</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Equity Interests (%)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exclusive funds</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/31/2016</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Core business</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black 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">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black 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">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Diplic II&nbsp; - Private credit balanced mutual fund</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Caixa V&#233;rtice - Private credit balanced mutual fund</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black 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">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black 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">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>VR1 &#8211; Private Credit balanced mutual fund</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Diplic&nbsp; - Private credit balanced mutual fund (1)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>BB Steel &#8211; Private Credit balanced mutual fund (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>100.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>&nbsp;&nbsp; (1) Multimarket investment fund fully redeemed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit 12.1</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(a)&nbsp;&nbsp; all material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dated: December 22, 2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companhia Sider&#250;rgica Nacional</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;/s/ Benjamin Steinbruch</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Executive Officer</FONT></P></TD>

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<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>exhibit_12-2.htm
<DESCRIPTION>EXHIBIT_12-2
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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit 12.2</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">I, Marcelo Cunha Ribeiro, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">5.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(a)&nbsp;&nbsp; all material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dated: December 22, 2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companhia Sider&#250;rgica Nacional</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;/s/&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Cunha Ribeiro</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Cunha Ribeiro</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></P></TD>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>exhibit_13-1.htm
<DESCRIPTION>EXHIBIT_13-1
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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit 13.1</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2016 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dated: December 22, 2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">/s/&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Benjamin Steinbruch</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Executive Officer</FONT></P></TD>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>6
<FILENAME>exhibit_13-2.htm
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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibit 13.2</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2016 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 9pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dated: December 22, 2017</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;/s/&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-16.2
<SEQUENCE>7
<FILENAME>exhibit_16-2.htm
<DESCRIPTION>EXHIBIT_16-2
<TEXT>

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   <IMG src="x17122216255400.gif" width=682 height=121></TD></TR></TABLE></DIV></FONT><FONT lang=EN-US>&nbsp; </FONT></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0in 63.35pt; TEXT-INDENT: -63.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0in 63.35pt; TEXT-INDENT: -63.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=verdana,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; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=verdana,sans-serif>Exhibit [16.2]</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 60pt 0in 10pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>December 22, 2017</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Securities and Exchange Commission</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>100 F Street, N.E.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Washington, D.C. 20549-7561</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 63.2pt; TEXT-INDENT: -63.2pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>United States of America </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 63.35pt; TEXT-INDENT: -63.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Dear Sirs/Madam:</FONT></P>

<P style="MARGIN: 0in 0in 10pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We have read Item 16F of Companhia Sider&#250;rgica Nacional&#8217;s Annual Report on Form 20-F for the year ended December 31, 2016, dated December 22, 2017 (the &#8220;Annual Report&#8221;), and have the following comments:</FONT></P>

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   <P style="MARGIN: 12pt 0in 0in 63.35pt; TEXT-INDENT: -63.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>1.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0in 5.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We agree with the statements made in the first, second, third, fourth and fifth paragraphs of Item 16F of the Annual Report.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 12pt 0in 0in 63.35pt; TEXT-INDENT: -63.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We have no basis on which to agree or disagree with the statement made in the sixth paragraph of Item 16F of the Annual Report.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 24pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Yours truly,</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Deloitte Touche Tohmatsu</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif>DELOITTE TOUCHE TOHMATSU</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif>Auditores Independentes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt"><FONT size=2 face=Verdana></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.2pt; TEXT-INDENT: -63.2pt">&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif>Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif>Deloitte provides audit, consulting, financial advisory, risk management, tax and relates services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500&#174; companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients&#8217; most complex business challenges. To learn more about how Deloitte&#8217;s approximately 225,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn or Twitter.</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif>&#169; </FONT></FONT><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif>2017</FONT></FONT><FONT face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=verdana,sans-serif> Deloitte Touche Tohmatsu. All rights reserved.</FONT></FONT></P></TD>

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